Central Idea

The Global Biodiversity Framework Fund (GBFF) has been officially ratified and inaugurated during the Seventh Assembly of the Global Environment Facility (GEF) held in Vancouver, Canada.

Global Biodiversity Framework Fund (GBFF)

	Key Points
Establishment	Ratified and inaugurated during the Seventh Assembly of the Global Environment Facility (GEF).
Purpose	Channels financial resources to achieve goals of the Kunming-Montreal Global Biodiversity Framework established by the Convention on Biological Diversity (CBD), by the year 2030.
Financial Contributions	Canada: 200 million Canadian dollars, United Kingdom: 10 million pounds.
Alignment with Framework	Accelerates progress towards halting biodiversity decline by 2030.
Inclusivity and Indigenous Initiatives	Allocates up to 20% for projects led by Indigenous communities.
Focus on Vulnerable Nations	Over a third of resources dedicated to support Small Island Developing States.
Fulfilling Targets	Contributes to commitment of $200 billion annually by 2030.
Funding Requirements	Approximately $40 million needed for operationalization by end of 2023.
Future Contributions	Dependent on domestic fiscal processes of key donors.
Council Meetings	First meeting in January 2024, aims to approve inaugural work program in June.
Impact and Action	Timely disbursement crucial for launching projects under the fund.

Establishment: The GEF was established on the eve of the 1992 Rio Earth Summit, also known as the United Nations Conference on Environment and Development (UNCED).
Purpose: The GEF serves as an international financial institution that funds projects to address global environmental challenges, including biodiversity loss, climate change, land degradation, and pollution.
Funding Mechanism: It operates as a financial mechanism for several international environmental conventions, including:

Structure: It has a governing body known as the GEF Council. The GEF is structured as a partnership between three main institutions:

Funding Sources: The GEF is funded by contributions from its member countries, known as “donors.” Donors include both developed and developing nations, as well as international organizations.