This is one of the biggest announcements of the 7th General Assembly of the Global Environment Facility (GEF). The launch of the Global Biodiversity Framework Facility (GBFF), which challenges itself to mobilize $200 billion by 2030. The announcement was made by the CEO of the Global Environment Facility (GEF), Carlos Manuel Rodríguez, Ahmed Hussen, Minister for International Development, and Steven Guilbeault, Minister for the Environment and Climate Change, this Thursday, August 24, in Vancouver.
“There is a commitment to mobilize 200 billion from all sources, from all countries. It is mainly the mobilization of national, public fiscal resources. The private sector and the philanthropic sector are very important,” informed GEF CEO Carlos Manuel Rodriguez.
This fund aims to support the strategic implementation of 73 global and ambitious targets of the global biodiversity framework. “This fund is essential for the developing country and indigenous peoples to access funds and implement their objectives,” said Canadian Environment Minister Steven Guilbeault.
This fund highlights three essential innovations. 20% of this fund will be dedicated to supporting biodiversity protection and conservation initiatives led by indigenous peoples. 25% of this fund will be disbursed through international financial institutions.
This is a key way to leverage more private sector finance. And finally, this new fund will provide specific support to the most vulnerable, in particular small island states, and the least developed and developing countries. These States will receive 36% of the GBFF and an additional 3% if they have the capacity to use this fund.
“Developing countries in all geographic regions of the world need help to achieve the 23 targets of the Global Biodiversity Framework. Targets such as conservation, restoration, and protection against invasive species, this is very important work, and this fund will empower them to do this work”, informed Ahmed Hussen, Minister of International Development.
The new fund will seek new partners to reverse the trend of biodiversity loss, with a particular focus on gender. Canada is the first country to contribute to this fund with initial funding of approximately C$200 million. “I am also announcing additional funding of $22.8 million at the eighth GEF replenishment to further support states to address the triple crisis of climate change,” added Mr. Hussen.
It should also be noted that this fund, which has just been made official today, had been the basis of discord during the COP15 on biodiversity held in Montreal in December 2022. The Democratic Republic of Congo and a few other countries of the South had reserved to sign the Global Biodiversity Framework.
Alfredo Prince NTUMBA
