GLOBAL BIODIVERSITY FRAMEWORK FUND (Syllabus: GS Paper 3 - Env & Eco)

Context: The Global Biodiversity Framework Fund (GBFF) was finally ratified and launched at the Seventh Assembly of the Global Environment Facility (GEF) in Vancouver, Canada. 

• Governments, non-profits and the private sector can now contribute their funds here to ensure that the world meets the goals and targets of the Kunming-Montreal Global Biodiversity Framework (GBF) formulated by the Convention on Biological Diversity (CBD) by 2030.

Global Biodiversity Framework Fund

• The Governing board has approved the establishment of a new fund, the Global Biodiversity Framework Fund (GBFF), to finance the implementation of the Kunming-Montreal Global Biodiversity Framework.
• This fund is crucial as nearly 50% of its resources will be allocated to biodiversity-related work during the GEF-8 period.

• 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).

• The allocation for IPLCs will be reviewed two years after the ratification in August, while the allocations for SIDS and LDCs will be reviewed three years after ratification.