GLOBAL DIVERSITY FRAMEWORK FUND (Syllabus: GS Paper 3 – Env and Eco)

Context: Recently, countries took a significant step in addressing the longstanding financial challenges in biodiversity conservation by establishing the Global Biodiversity Framework Fund (GBFF), marking almost 30 years since the 1992 Rio Earth Summit.

• It will help countries achieve the 23 targets set under the Kunming-Montreal Global Biodiversity Framework (KMGBF).

Global Biodiversity Framework Fund

• About: The fund was established at the 7th Assembly of the Global Environment Facility (an agency set up in 1991 for protecting the environment) in Vancouver, Canada.
• Aim: To finance the implementation of the Kunming-Montreal Global Biodiversity Framework.
• Funding: 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).
• Purpose: To mobilize and expedite investments in the preservation and sustainability of wildlife and ecosystems facing threats such as wildfires, flooding, extreme weather, and human activities like urban sprawl that jeopardize their well-being.

Kunming-Montreal Global Biodiversity Framework (KMGBF)

• Adoption of the KMGBF: The 15th Conference of Parties (COP15) to the UN Convention on Biological Diversity adopted the "Kunming-Montreal Global Biodiversity Framework" (GBF).
• Four Goals & 23 Targets: The GBF comprises four overarching goals and 23 specific targets to be achieved by 2030.
• Location: COP15 took place in Montreal, Canada.
• Protecting 30% of the Planet: Through the KMGBF, participating countries committed to safeguarding 30 percent of the planet's biodiversity by 2030.
• Ecosystem Restoration: Countries vowed to attain the 23 GBF targets aimed at reversing ecosystem degradation, and securing the survival of the natural world.