Global Biodiversity Framework Fund

Global Biodiversity Framework Fund

News: The Global Biodiversity Framework Fund (GBFF) has been ratified and launched during the 7th Assembly of the Global Environment Facility (GEF) in Vancouver, Canada.

What is GBFF?
• GBFF (1st approved in July this year under the Global Environment Facility (GEF)) aims to support the Kunming-Montreal Global Biodiversity Framework’s goals by 2030.
• Objectives - To support the conservation and sustainability of wild species and ecosystems, whose health is under threat from wildfires, flooding, extreme weather, and human activity including urban sprawl.
• Contributors - GBFF will mobilize and accelerate investment from governments, philanthropy, and the private sector.

How will funds be allocated?
• Indigenous Communities: As much as 20% of the funds would support Indigenous-led initiatives to protect and conserve biodiversity.
• Support for Small Island Developing States and Least Developed Countries, which will receive more than a third of the fund’s resources.
• 25% to GEF agencies
• 3% to LDCs (Least Developed Countries)

What is the Kunming-Montreal Global Biodiversity Framework?
• Adopted at COP15 (2022), it includes 4 goals and 23 targets for achievement by 2030. It aims to restore ecosystems, conserve areas, prevent species extinction, reduce pollution risks, tackle climate change, and more.