VANCOUVER – In an unprecedented move aimed at combating the intensifying global biodiversity crisis, a new Global Biodiversity Framework Fund (GBFF) has been inaugurated at the Seventh Assembly of the Global Environment Facility (GEF). Supported by 185 countries, the fund aims to expedite investments in conserving and sustaining threatened wild species and ecosystems.
Canada and the United Kingdom have pledged initial contributions of 200 million Canadian Dollars and 10 million pounds respectively, marking a significant step forward in creating a more balanced ecosystem globally. The fund was ratified during an important meeting attended by representatives from government bodies, businesses, academic institutions, and civil society organisations from across the globe.
The GBFF is a direct initiative based on the Global Biodiversity Goals, agreed upon at the Conference of Parties to the Convention on Biological Diversity. This initiative’s implementation will be managed by the Global Environment Facility (GEF), an entity known for backing actions of developing countries against interlinked environmental challenges including biodiversity loss, climate change, and pollution.
The fund will ensure actions to halt and reverse biodiversity loss by 2030 and set nature on a recovery path by 2050. Notably, up to 20% of the fund will support Indigenous-led initiatives focusing on biodiversity protection and conservation, showcasing Indigenous Peoples’ fundamental role in safeguarding biodiversity.
Furthermore, a considerable portion of the fund – more than one-third – will be directed towards supporting Small Island Developing States (SIDS) and Least Developed Countries (LDCs), which bear the brunt of the environmental crisis. This not only represents the financial commitment of the international community towards achieving environmental sustainability but also their recognition of the importance of shared responsibility.
“This creation of the Global Biodiversity Framework Fund is a clear indication of their determination to move from agreement to action,” stated David Cooper, Acting Executive Secretary of the Convention on Biological Diversity. With this momentum, the world is poised to undertake firm action against the ongoing environmental crises and move towards a more sustainable future.