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The 186 member governments of the Global Environment Facility (GEF) have agreed to provide $1.1 billion in new funding for international work on biodiversity, climate change, nature restoration and pollution control.
Meeting for the first time as the council of the new Global Biodiversity Framework Fund (GBFF) in Washington, DC last week, the group approved $918 million for 45 projects through the GEF Trust Fund, including private sector Also included were four mixed finance initiatives involving:
Additionally, $203 million for 21 adaptation projects supported by the Least Developed Countries Fund and the Special Climate Change Fund, part of a group that includes the GEF Trust Fund, the Nagoya Protocol Implementation Fund, and the Capacity Building Initiative for Transparency. was signed.
The new addition to GEF’s growing portfolio, GBFF is expected to begin funding projects related to nature loss and restoration by the end of 2024.
The fund comes less than a year after the United Nations Convention on Biological Diversity called for the creation of the GEF to support efforts to meet the goal of halting and reversing core global nature loss. It was launched at the 7th GEF General Assembly in August 2023. Kunming-Montreal Global Biodiversity Framework.
Delegates meeting on the GBFF Board reached an agreement on how donor funds will be allocated and how projects will be designed and approved, with Spain joining Canada, the UK, Germany and Japan in already confirming the agreement. In addition to the previous contributions, new contributions were announced.
The document approved by the Council also outlines initial guidelines for GEF support related to the High Seas Treaty, which will complement and build on investments in biodiversity on the high seas.
GEF CEO and Chairman Carlos Manuel Rodríguez said GEF recognizes its “unique role” in mobilizing environmental finance.
“The investments and plans approved by our member governments this week reflect this determined commitment,” he said. “The assistance that the GEF is deploying is remarkable not only for its scale and speed, but also for its scope. We are moving a new needle on the current environmental challenges.”
The group said 20 per cent of GBFF resources are aimed at supporting indigenous-led efforts to protect and conserve biodiversity.
Speaking at the meeting in Washington, DC, David Cooper, Deputy Executive Director of the Convention on Biological Diversity, emphasized the importance of involving indigenous peoples, local communities, women and youth groups in the Fund. “Your contribution to this process will be very important,” he said.
Additionally, Doda Badgee, Executive Director of The Gambia National Environment Agency and Co-Chair of the GEF Council, welcomed the agreement between countries to jointly address environmental issues that directly impact human well-being everywhere.
“These decisions can change people’s lives for years to come,” Budgie said. “We must act united against the challenges we face. They will spare no one.”
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