- Home
- Current Affairs
- Current News
- Global Biodiversity Framework Fund (GBFF)
Global Biodiversity Framework Fund (GBFF)
- 28 Aug 2023
Recently, in Vancouver, Canada, the Seventh Assembly of the Global Environment Facility (GEF) witnessed the long-awaited ratification and launch of the Global Biodiversity Framework Fund (GBFF).
Key Points
- Enabling Global Contributions: Governments, non-profits, and the private sector can now direct their resources to the GBFF, a pivotal step to ensure the realization of the Kunming-Montreal Global Biodiversity Framework (GBF) goals by 2030, as established by the Convention on Biological Diversity (CBD).
- Advancing Biodiversity Goals: The contributions pledged in Vancouver hold the potential to propel the world toward the aim of halting and reversing biodiversity loss by 2030, setting a course for nature's recovery by 2050.
- Impressively, Indigenous-led initiatives for biodiversity protection and conservation are set to receive 20% of the funds, reinforcing their crucial role.
- Prioritizing Support: The GBFF will prioritize Small Island Developing States and Least Developed Countries, allocating over one-third of its resources to these regions.
- This marks a significant stride, as non-state actors, including indigenous communities, are now eligible for funds allocation.
- Pursuing Ambitious Targets: As per GBF's Target 19, a minimum of $200 billion annually needs to be raised by 2030.
- Early Contributions: The initial contributions from Canada and the UK align with the GEF Council Decision from June, aiming for at least three donors to contribute $200 million to GBFF by December 2023.
- Challenges Ahead: Despite Canada and the UK's contributions, an additional $40 million is required to operationalize the fund by the end of 2023, a concern raised by civil society organizations like Avaaz and Conservation International.
News Crux
News Crux
News Crux
- Appointment & Resignation
- Art/Culture/Heritage
- Awards In News
- Bill/Act/Amendment
- Defence
- Defence/Military Exercises
- Famous Books
- Important Days/Weeks
- Important Decade
- Miscellaneous
- Obituary
- Organisation In News
- Persons In News
- Places In News
- Plans & Policy
- Reports/Committee/Commission
- Scheme & Programme
- Species In News
- Summit, Seminars & Conferences
- Survey/Index
- Web Portal & Apps
State In News
State In News
State In News
- Andhra Pradesh
- Arunachal Pradesh
- Assam
- Bihar
- Chhattisgarh
- Delhi
- Goa
- Gujarat
- Haryana
- Himachal Pradesh
- Jammu And Kashmir
- Jharkhand
- Karnataka
- Kerala
- Ladakh
- Madhya Pradesh
- Maharashtra
- Manipur
- Meghalaya
- Mizoram
- Nagaland
- Odisha
- Punjab
- Rajasthan
- Tamil Nadu
- Telangana
- Tripura
- Uttar Pradesh
- Uttarakhand
- West Bengal