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GEF Approves “Game-changing” GBF Fund

The Global Environment Facility has signed off on plans to establish a new fund to finance the implementation of the Global Biodiversity Framework (GBF), which was finalised at COP15 last December. The decision paves the way for the Global Biodiversity Framework Fund to be formally launched in August, which will provide finance to “budget-stressed developing countries” needing support to implement national plans to meet the objectives of the GBF. The fund will be structured to draw in capital from governments, the private sector and philanthropic organisations. At COP15, agreement on the GBF – which sets goals for the conservation, restoration, and sustainable use of biodiversity and ecosystems by 2030 – was threatened by objections from some countries over the creation of the fund within the GEF structure. The GEF is the financial mechanism for the UN Convention on Biological Diversity and other UN bodies, including the UN Framework Convention on Climate Change. Earlier, the GEF Council approved a work programme to provide US$1.4 billion in direct support for developing countries’ efforts to protect and ensure the sustainable use of biodiversity, in line with commitments made in Montreal. “The new fund will provide an opportunity to receive funding from all sources and to quickly disburse them through streamlined procedures, and with enhanced access for Indigenous Peoples and local communities,” said David Cooper, Acting Executive Secretary of the Convention on Biological Diversity.

 

 

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