Context:

Recently, the first council meeting of the Global Biodiversity Framework Fund (GBFF) took place in Washington DC, United States. 

First Global Biodiversity Framework Fund Council Meeting Takes Baby Steps For Biodiversity

• The meeting was part of the week-long 66th Council meeting of the Global Environment Facility (GEF), the implementing agency for GBFF.
• Other than the GBFF council meeting, two more meetings- virtual GEF consultations with civil societies and the 35th Least Developed Countries Fund/Special Climate Change Fund council meeting took place during the GEF council meeting. 

Key Highlights of First Global Biodiversity Framework Fund Council Meeting

• Setting of Rules: The delegates set down rules for the implementation of GBFF, which was proposed during the 15th Conference of Parties (COP15) of the Convention on Biological Diversity in 2022. 
• Focus Areas: 
  • Biodiversity, Climate change, Food systems, Forest management, 
  • Land degradation, river and ocean health, chemicals and waste and wildlife. 
• Approved Projects: They approved $918 million for 45 projects and programmes (including four blended finance initiatives involving the private sector) and $203 million for 21 climate change adaptation projects. 
• Approval of Policies: Delegates approved the Resource Allocation Policy and the Project Cycle Policy, which will help the council allocate donor funds when they are available. 
  • The Resource Allocation Policy: It gives the GEF chief executive the authority to approve projects worth up to $5 million. It also mandates midterm reviews for all projects above $2 million. 
• Time Framework: 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. 
• Available Fund: GBFF is open to accept donations from all sources- private, philanthropy and governments. So far, the total funds collected are just a little bit more than the $200 million needed as seed capital to make the GBFF operational. 
  • To increase the availability of funds, GEF’s work programme this time includes $81 million for four blended finance projects. 
  • GEF hopes to mobilize $7.5 billion in co-financing, including from bilateral government aid and multilateral development banks. 
• Fund Allocations: 20% will be available to Indigenous Peoples and local communities (IPLCs), 25% to GEF agencies, 36% to SIDS (Small Island Developing States) and 3% to LDCs (Least Developed Countries).
• Review of Allocated Fund: The allocation for IPLCs will be reviewed two years and for SIDS and LDCs will be reviewed three years after ratification.

About Global Biodiversity Framework Fund (GBFF)

• Launched: It is created for implementation of Kunming-Montreal Global Biodiversity Framework (GBF) at the 7th Assembly of the Global Environmental Facility (GEF) in Vancouver, Canada in 2022. 
• Objectives: To support the conservation and sustainability of wild species and ecosystems, whose health is under threat from wildfires, flooding, extreme weather, and human activity including urban sprawl.
• Contributors: Global Biodiversity Framework Fund will mobilize and accelerate investment from governments, philanthropy, and the private sector.
• Focus Areas under Funds: 
• • Indigenous Communities: As much as 20% of the funds would support Indigenous-led initiatives to protect and conserve biodiversity.  
  • Support for Small Island Developing States and Least Developed Countries, which will receive more than a third of the fund’s resources. 

About Global Environment Facility

• Establishment: On the eve of the 1992 Rio Earth Summit, it is a catalyst for action on the environment. 
• Task: Through its strategic investments, it works with partners to tackle the planet’s biggest environmental issues. 
• A Unique Partnership of 18 Agencies: It includes United Nations agencies, multilateral development banks, national entities and international NGOs- working with 183 countries.
• A Financial Mechanism For:
• • Minamata Convention on Mercury
  • Stockholm Convention on Persistent Organic Pollutants (POPs)
  • United Nations Convention on Biological Diversity (UNCBD)
  • United Nations Convention to Combat Desertification
  • United Nations Framework Convention on Climate Change (UNFCCC)
• The Global Environment Facility Trust Fund: It was established to help developing countries and countries with economies in transition to meet the objectives of the international environmental conventions and agreements.

News Source: Down to Earth