The governing board of the 64th Global Environment Facility (GEF) has recently approved the establishment of the Global Biodiversity Framework Fund, signaling a major step forward in the implementation of the Kunming-Montreal Global Biodiversity Framework. This new fund aims to provide the necessary resources to support biodiversity conservation efforts worldwide.
Proposed Fund Allocations
The Global Biodiversity Framework Fund is designed to ensure that adequate financial resources are available to meet the goals and targets outlined in the Kunming-Montreal Global Biodiversity Framework. The proposed fund allocations include the following:
- Aspirational Goal: 20% for Indigenous Peoples and Local Communities (IPLCs) Recognizing the vital role played by IPLCs in biodiversity conservation, an aspirational goal has been set to allocate 20% of the fund to support their initiatives. IPLCs have traditional knowledge and practices that contribute to the sustainable management of ecosystems. This allocation aims to empower IPLCs and foster their active participation in biodiversity conservation efforts.
- Enforced Allocation: 25% for GEF Agencies to ensure the effective implementation of biodiversity conservation projects, 25% of the fund will be allocated to GEF agencies. This allocation will enable these agencies to carry out crucial activities such as capacity-building, project management, and monitoring and evaluation. By enforcing this allocation, the fund ensures that GEF agencies have the necessary resources to support biodiversity conservation efforts on the ground.
Background: Kunming-Montreal Global Biodiversity Framework
The creation of the Global Biodiversity Framework Fund aligns with the adoption of the Kunming-Montreal Global Biodiversity Framework at the 15th Conference of Parties (COP15) to the UN Convention on Biological Diversity. This framework sets ambitious goals and targets to address biodiversity loss and promote ecosystem restoration. It outlines four goals for 2050 and 23 targets for 2030, with a focus on preserving biodiversity and restoring degraded ecosystems.
Four Goals of the Global Biodiversity Framework for 2050
- Maintaining Ecosystem Integrity and Health: This goal emphasizes the need to halt species extinctions and ensure the health and integrity of ecosystems. It recognizes that biodiversity is essential for the functioning of ecosystems and the well-being of humanity.
- Measuring and Valuing Ecosystem Services: The framework acknowledges the importance of quantifying and recognizing the value of the services provided by biodiversity. This includes the role of ecosystems in providing clean air and water, regulating climate, and supporting food production.
- Sharing Gains from Genetic Resources: The framework highlights the equitable sharing of monetary and non-monetary benefits arising from genetic resources and the digital sequencing of genetic information. This promotes fair and inclusive access to genetic resources and the sharing of benefits derived from their utilization.
- Raising Resources for Biodiversity Finance Gap: The framework recognizes the significant financial resources needed to address the biodiversity crisis. It calls for mobilizing resources to bridge the estimated $700 billion biodiversity finance gap and support conservation efforts in all countries.
About the Global Environment Facility (GEF)
- The Global Environment Facility was established in 1992 on the eve of the Rio Earth Summit to address pressing environmental challenges. It is a family of funds dedicated to tackling issues such as biodiversity loss, climate change, pollution, and land and ocean health. With 184 member countries, including India, the GEF plays a crucial role in providing financial assistance and technical support for environmental conservation projects worldwide.
- The GEF’s governing council, composed of 32 members from different constituencies, oversees its operations and decision-making processes. The GEF funds projects under major international environmental conventions, including the Minamata Convention on Mercury, the Stockholm Convention on Persistent Organic Pollutants, the United Nations Convention on Biological Diversity, the United Nations Convention to Combat Desertification, and the United Nations Framework Convention on Climate Change.
