Global Biodiversity Framework Fund

Representatives from 185 countries have launched a new fund for biodiversity that will attract finance from governments, philanthropists and the private sector.

The new Global Biodiversity Framework Fund (GBFF) was ratified at the Global Environment Facility’s (GEF) Seventh Assembly in Vancouver, Canada in August 2023. Canada and the UK announced initial contributions to start capitalisation, with pledges of 200 million Canadian dollars and 10 million pounds, respectively.

The GEF Assembly brought together 1,500 people from around the world – environmental leaders and managers, and representatives from government, business, academia and civil society, including Indigenous Peoples, women and young people.

The GBFF’s ratification came eight months after the Conference of the Parties to the Convention on Biological Diversity agreed on a set of global biodiversity goals known as the Kunming-Montreal Global Biodiversity Framework, and decided to set up a new GEF-managed fund to support its implementation.

The GEF is a family of funds supporting developing country action on interrelated environmental challenges including biodiversity loss, climate change and pollution. In June, the GEF Council approved the establishment of the fund at a meeting in Brazil.

As much as 20 per cent of the fund’s resources will support Indigenous-led initiatives to protect and conserve biodiversity. It will also prioritise support for Small Island Developing States and Least Developed Countries, which will receive more than a third of the resources.

“The creation of this fund and its commitment to supporting Indigenous Peoples and local communities is an important and clear recognition of the fundamental role they have had for generations in protecting biodiversity. We will only achieve the shared vision of a healthy planet and healthy people with collective, inclusive actions, and a human rights approach where we all hold hands together,” said Lucy Mulenkei, Co-Chair of the International Indigenous Forum on Biodiversity.

(GEF/ile)

Read more on the Seventh GEF Assembly website