New $200 Billion Global Biodiversity Framework Fund Holds First Meeting

Global Biodiversity Framework Fund (GBFF)

The accelerating loss of mammals, birds, amphibians and plant species globally prompted over 190 countries to adopt the ambitious Kunming-Montreal Global Biodiversity Framework in 2021 to conserve and sustainably manage nature. However, achieving the framework’s key targets to protect ecosystems and restore critical habitats by 2030 requires an estimated $200 billion in annual financing that exceeds most government conservation budgets. To help mobilize these urgent investments, nations created the Global Biodiversity Framework Fund (GBFF) in 2022 as a separate financing mechanism anchored within the Global Environment Facility partnership.

Biodiversity loss as a global crisis

The number of mammals, birds, amphibians, reptiles and plants on Earth is droping dangerously fast. Over 1 million species face extinction in the coming years. This extreme loss of plants and wildlife is happening 1000 times faster than normal due to human activities like farming, fishing, mining, logging, and polluting that destroy natural habitats. Protecting diverse ecosystems and species matters for healthy, livable communities. Scientists warn that declining biodiversity puts food, health and economic security at risk globally.

What is Global Biodiversity Framework (GBF)?

In 2021, countries adopted the Kunming-Montreal Global Biodiversity Framework at the COP15 summit with a mission to “live in harmony with nature” by 2050. The framework includes 23 key targets to meet by 2030 that aim to conserve ecosystems, restore degraded habitats and forests, expand protected wildlife areas, and promote sustainability.

For example, Target 3 focuses on protecting at least 30% of global oceans and lands through protected conservation sites and restoration projects. Delivering these positive gains for nature requires major changes in how humans produce food, build cities, and consume goods. The framework urges governments, businesses, communities and individuals to contribute to meeting the ambitious 2030 goals.

Establishment of the Global Biodiversity Framework Fund (GBFF)

The Global Biodiversity Framework Fund formed in 2022 to help raise money for nature conservation projects around the world that aim to meet the goals in the Global Biodiversity Framework. Right now, an estimated $200 billion needs every year through 2030 to properly protect and restore global ecosystems and species populations. But countries struggle to fund these large conservation efforts on their own within tight government budgets. So the GBFF established as a separate financing arm under the Global Environment Facility partnership to attract investment from aid agencies, banks, businesses, charities and wealthy donors.

first Global Biodiversity Framework Fund (GBFF) Council
first Global Biodiversity Framework Fund (GBFF) Council

GBFF is housed under GEF and Goal to mobilize $200 billion per year

The Global Environment Facility has over 30 years experience running trust funds that offer grants to developing countries for environmental projects. The GEF Council governs overall policies and decisions for its different funds. In June 2023, the GEF agreed to house the new GBFF and help make it fully operational. Though the GBFF is still in early stages, the initial goal is to ramp up donations to around $200 billion total each year by 2030. Even a portion of this amount would greatly help expand conservation sites, restore damaged forests or farmlands, improve agriculture practices, and assist local communities that protect nature in over 100 developing nations.

First council meeting of the GBFF in Feb 2024

The first council meeting of the Global Biodiversity Framework Fund (GBFF) took place recently in Washington DC, United States, February 8-9, 2024. A major success of the inaugural Global Biodiversity Framework Fund Council gathering in February 2024 was adoption of several rules needed to get the Fund running. Delegates representing dozens of nations formally approved a budget plan through 2025, as well as guidelines for how donated money to the GBFF will divide to support developing countries.

The Council also agreed to create a more streamlined process compared to past conservation funds for reviewing and approving grant applications aimed at meeting Global Biodiversity Framework targets to help save fragile habitats and endangered species more rapidly.

Way ahead of Global Biodiversity Framework Fund (GBFF)

The Global Biodiversity Fund was created in 2022 to raise billions in donations over the next decade to protect habitats and species under threat across the planet. Now that rules are in place for how the money will be used, the fund leaders must focus on building support and increasing contributions from more countries.

They also plan to give technical help to nations applying for grants to carry out strong conservation plans that are eligible for funding approval. Experienced aid groups will organize local communities and monitor the ongoing success of funded projects. Reports on whether all these efforts are working will be created regularly to keep countries updated on progress achieving key nature protection goals.

Which countries pledged donations to the GBFF at the first Council meeting?

Countries pledging donations to the new GBFF at its first Council gathering included Canada, Germany, Japan, Spain and the United Kingdom.

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