Context: Representatives from 185 countries have officially agreed to launch a new fund to bolster investments in nations during the Seventh Assembly of the Global Environment Facility in Vancouver, Canada.
Introduction to the Global Biodiversity Framework Fund (GBFF):
- The GBFF is devised to mobilize and accelerate investments in the conservation and sustainability of wild species and ecosystems.
- The GBFF is exclusively dedicated to supporting the implementation of the goals and targets outlined in the Kunming-Montreal Global Biodiversity Framework.
- GBFF is established as a new trust fund under the umbrella of the Global Environment Facility.
- The fund offers an opportunity to secure funding from diverse sources and facilitate rapid disbursement through streamlined procedures, with an emphasis on providing enhanced access for indigenous peoples and local communities, in accordance with their own priorities.
- The GBFF also presents an avenue for significantly increased involvement of Multilateral Development Banks and Development Finance Institutes, thereby aiding the mainstreaming of biodiversity, which is essential for effective implementation of the Framework.
- This new fund will mobilize and distribute new and additional resources from public, private, and philanthropic sources, with a distinct focus on promoting the sustainability of biodiversity and ecosystems.
- Indigenous peoples will be accorded priority: Approximately twenty percent (20%) of the GBFF’s resources will be directed towards supporting initiatives led by indigenous communities aimed at protecting and conserving biodiversity.
- Priority for Small Island Developing Countries and Least Developed Countries: One third of the resources of GBFF will be allocated to supporting Small Island Developing States and Least Developed Countries.
- Initial contributors: The United Kingdom and Canada have made initial contributions to the GBFF to initiate its capitalization.
Governance Structure of the Global Biodiversity Framework Fund (GBFF):
- The GBFF Fund Council will be inclusive of representation from the following members, with a greater representation from developing countries as compared to developed ones:
- 16 members from developing countries
- 14 members from developed countries
- 2 members from countries in central and eastern Europe and the former USSR.
- Decisions of the GBFF Fund Council will be made through consensus, following the model of the GEF instrument.
Financial Management of the Global Biodiversity Framework Fund (GBFF):
- The World Bank will serve as the Trustee of the GBFF Fund.