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| Mobilizing Investments for Global Biodiversity Conservation: The Global Biodiversity Framework Fund (GBFF) |
The Global Biodiversity Framework Fund (GBFF) emerges as a crucial financing mechanism dedicated to accelerating investment in the preservation and sustainable management of ecosystems and wild species. Established at the 7th Assembly of the Global Environment Facility in Vancouver, Canada in 2022, the GBFF represents a pivotal response to the escalating threats faced by biodiversity worldwide.
Background:
Ecosystems and wildlife populations worldwide confront myriad threats, including wildfires, flooding, extreme weather events, and human-induced activities like urbanization and pollution. In response, the international community adopted the Kunming-Montreal Global Biodiversity Framework (KMGBF) at the 15th Conference of Parties (COP15) to the UN Convention on Biological Diversity in December 2021. The KMGBF outlines 23 targets aimed at conserving and sustainably managing biodiversity by 2030, necessitating a substantial increase in financing for conservation and sustainability initiatives globally. The GBFF was conceived to address this need.
Funding and Management:
Managed by the Global Environment Facility (GEF), the GBFF diverges from traditional GEF funding by mobilizing resources from private, philanthropic, and governmental sources, extending beyond the customary donor countries. For the 2022-2026 funding cycle, 36% of a $5.25 billion cumulative budget has been allocated for biodiversity-focused projects, accessible to the GBFF. Oversight is entrusted to a Fund Council comprising members from various regions, with decision-making guided by consensus, mirroring existing GEF governance procedures.
Expected Activities:
The GBFF will finance projects aimed at safeguarding threatened ecosystems and species, restoring degraded habitats, expanding protected areas, and integrating biodiversity conservation into economic sectors such as agriculture, fisheries, and forestry. Project selection aligns closely with the targets delineated in the KMGBF. Over the 2022-2026 period, the GBFF endeavors to mobilize $5 billion for biodiversity conservation, with a minimum of $1 billion earmarked for restoration efforts. This influx of funding represents a significant stride in bolstering countries' endeavors to fulfill their commitments under the new Global Biodiversity Framework.
Recent Developments:
The inaugural council meeting of the GBFF convened in Washington DC, United States, on February 8-9, 2024. During this session, delegates outlined implementation protocols for the GBFF, originally proposed during COP15 of the Convention on Biological Diversity in 2022.