Brazil GEF meet: Over half a billion dollars set aside for work on biodiversity

Subject :Environment

Section: International conventions

Context:

At the 64th Global Environment Facility (GEF) council meeting in Brazil, the governing body approved the disbursement of $1.4 billion to accelerate efforts to tackle the climate, biodiversity and pollution crises.

Details:

The funding package includes support for 136 countries and has a significant focus on action to address species and habitat loss, in line with the GBF.
Of the $1.4 billion, $653 million has been set aside for biodiversity and this would be used to help countries update their National Biodiversity Strategies and Action Plans, biodiversity programmes and meet the targets of the Kunming-Montreal Global Biodiversity Framework (GBF).
47 per cent of the funds have been earmarked for work on biodiversity, followed by 16 per cent for climate change, 12 per cent for land degradation, 11 per cent for international waters and 6 per cent for chemicals and waste.
Latin America and the Caribbean region are getting the most of the funds, followed by the African region.
Out of the 18 implementing agencies for GEF; the United Nations Development Programme is getting the maximum funds followed by the UN Environment Programme and the Food and Agriculture Organization.
Approval to establish the Global Biodiversity Framework (GBF) fund, as Adequate funds are needed to meet the 4 goals & 23 targets set under the Kunming-Montreal biodiversity framework by 2030.

About Kunming-Montreal Global Biodiversity Framework:

The “Kunming-Montreal Global Biodiversity Framework” (GBF) was adopted by the 15th Conference of Parties (COP15) to the UN Convention on Biological Diversity.
It includes four goals and 23 targets to be achieved by 2030. It is intended to replace the Aichi Biodiversity targets of 2010.
COP 15 took place in Montreal, Canada.
Through Kunming-Montreal Global Biodiversity Framework (GBF), countries agreed to protect 30 per cent of the planet by 2030.
The countries pledged to achieve 23 targets to reverse ecosystem degradation under four overarching goals for the survival of the natural world.
Under the Global Biodiversity Framework (GBF), countries also agreed to reduce harmful government subsidies worth 500 billion dollars annually, while vowing to identify subsidies that are harmful to biodiversity by 2025.
Its other targets include reducing the use of pesticides by half and raising annual international financial flows from developed to developing countries to at least 20 billion dollars by 2025, and to at least 30 billion dollars by 2030.

About Global Environment Facility (GEF) Council:

The Global Environment Facility has a unique governing structure organized around an Assembly, the Council, the Secretariat, 18 agencies, a Scientific and Technical Advisory Panel, and the Evaluation Office.
The GEF serves as a financial mechanism for several environmental conventions.
The Council:
- The Council, the GEF’s main governing body, comprises 32 members appointed by constituencies of GEF member countries (14 from developed countries, 16 from developing countries, and two from economies in transition).
- Council members rotate at different intervals determined by each constituency.
- The Council, which meets twice annually, develops, adopts and evaluates the operational policies and programs for GEF-financed activities.
- It also reviews and approves the work program (projects submitted for approval), making decisions by consensus.