GLOBAL BIODIVERSITY FRAMEWORK FUND

Why in News?:

Recently, at the 64^th Global Environment Facility (GEF) has approved plans to establish a “game-changing” new fund to finance the implementation of the Kunming-Montreal Global Biodiversity Framework (GBF).

This fund is crucial as nearly 50% of its resources will be allocated to biodiversity-related work during the GEF-8 period.

Fund Allocations:

 Direct support will be provided through the new fund, which will be set up to draw in capital from governments, the private sector, and philanthropic organizations.

20% will be allocated to Indigenous Peoples and local communities (IPLCs), 25% to GEF agencies, 36% to SIDS (Small Island Developing States), and 3% to LDCs (Least Developed Countries).

What is GBF?:

The Kunming-Montreal Global Biodiversity Framework was a breakthrough deal reached in December 2022 during the Convention on Biological Diversity COP15 summit in Montreal

It set new goals on the conservation, restoration, and sustainable use of biodiversity and ecosystems by 2030.

What is GEF?:

Established on the eve of the 1992 Rio Earth Summit.

A family of funds dedicated to confronting biodiversity loss, climate change, pollution, and strains on land and ocean health.

Unique governing structure organized around an Assembly, the Council, the Secretariat, 18 agencies, a Scientific and Technical Advisory Panel, and the Evaluation Office.

Financial Assistance:  5 major International Conventions are:

The Minamata Convention on Mercury (signed in 2013 and entered into force in 2017).

The Stockholm Convention on Persistent Organic Pollutants (POPs) (adopted in 2001 and entered into force in 2004).

The United Nations Convention on Biological Diversity (UNCBD ) (entered into force in 1993).

The United Nations Convention to Combat Desertification (UNCCD) (adopted in 1994).

The United Nations Framework Convention on Climate Change (UNFCCC) (signed in 1992 and entered into force in 1994).