First GBFF Council Meeting
Source: Down To Earth
GS III: Conservation, environmental pollution and degradation, environmental impact assessment
Overview
- News in Brief
- About Global Biodiversity Framework Fund (GBFF)
- Outcomes of the Recent meet
- Way Forward
Why in the News?
The first council meeting of the Global Biodiversity Framework Fund (GBFF) took place recently in Washington DC, United States, February 8-9, 2024.
News in Brief
- The delegates set down rules for the implementation of GBFF, which was proposed during 15th Conference of Parties (COP15) of the Convention on Biological Diversity in 2022.
- Delegates approved the Resource Allocation Policy and the Project Cycle Policy, which will help the council allocate donor funds when they are available.
- GBFF’s first work programme is expected later this year, with financing by the end of 2024.
About Global Biodiversity Framework Fund (GBFF)
The Global Biodiversity Framework Fund (GBFF) is a financial mechanism established to support the implementation of the Global Biodiversity Framework (GBF), a set of goals and targets aimed at conserving and sustainably using biodiversity.
Key facts about the GBFF
- Purpose: The GBFF is designed to mobilize financial resources from various sources, including governments, international organizations, private sector entities, and philanthropic organizations, to support activities that contribute to the goals of the GBF.
- Goals: The primary goal of the GBFF is to provide funding for projects and initiatives that promote the conservation, sustainable use, and equitable sharing of benefits derived from biodiversity. This includes activities such as habitat restoration, species protection, sustainable land management, and community engagement.
- Implementation: The GBFF operates through a combination of grants, loans, and other financial instruments to support biodiversity-related projects at local, national, regional, and global levels. It works in collaboration with existing funding mechanisms and institutions to maximize its impact.
- Governance: The governance structure of the GBFF typically involves a board of directors or trustees responsible for overseeing the fund’s operations, ensuring transparency, accountability, and adherence to its mandate and objectives.
- Partnerships: The success of the GBFF relies on partnerships with governments, non-governmental organizations (NGOs), the private sector, academia, and local communities. These partnerships facilitate the identification, design, and implementation of projects that address biodiversity conservation challenges effectively.
- Monitoring and Evaluation: The GBFF employs robust monitoring and evaluation mechanisms to assess the effectiveness of funded projects, measure their impact on biodiversity conservation and sustainable development, and identify lessons learned for future interventions.
- Scaling Up: As the need for biodiversity conservation becomes increasingly urgent, there is a growing recognition of the importance of scaling up financial resources for biodiversity-related initiatives. The GBFF aims to attract additional funding and leverage existing resources to expand its reach and impact over time.
Funds
- The world requires at least $200 billion a year until 2030 to fund biodiversity protection programmes, as assessed during COP15.
- So far, GBFF has 200 million Canadian dollars (approximately $148.56 million) from Canada, 10 million pounds (approximately $12.65 million) from the United Kingdom, 40 million euros (approximately $43.16 million) from Germany and 10 million euros (approximately $10.79 million) from Spain.
- The total funds collected are just a little bit more than the $200 million needed as seed capital to make the GBFF operational.
Outcomes of the Recent meet
- The delegates set down rules for the implementation of GBFF, which was proposed during 15th Conference of Parties (COP15) of the Convention on Biological Diversity in 2022.
- The GBFF Resource Allocation Policy gives the Global Environment Facility (GEF) chief executive the authority to approve projects worth up to $5 million. It also mandates midterm reviews for all projects above $2 million.
- GEF implementing agencies will have nine months from the endorsement of a project preparation grant to fully prepare projects and get them approved by the GBFF council.
Way Forward
Overall, the Global Biodiversity Framework Fund plays a crucial role in financing efforts to conserve and sustainably manage the Earth’s biodiversity, thereby contributing to the achievement of global conservation targets and the long-term well-being of ecosystems and human societies.
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