7th GEF Assembly: Global Biodiversity Framework Fund ratified

Subject: Environment

Section: International Conventions

Context:

The Global Biodiversity Framework Fund (GBFF) was finally ratified and launched at the Seventh Assembly of the Global Environment Facility (GEF) in Vancouver, Canada.

Ratification of the GBF Fund:

Governments, non-profits and the private sector can now contribute their funds here to ensure that the world meets the goals and targets of the Kunming-Montreal Global Biodiversity Framework (GBF) formulated by the Convention on Biological Diversity (CBD) by 2030.
Canada and the United Kingdom have already donated 200 million Canadian dollars and 10 million pounds respectively to the GBFF.
It will prioritise support for Small Island Developing States and Least Developed Countries, which will receive more than a third of the fund’s resources.
This is the first time there would be funds channeled to non-state actors like the indigenous communities.
Under Target 19 of GBF, at least $200 billion per year will need to be raised by 2030.
The first GBFF Council meeting will be held in January 2024.