First council meeting of Global Biodiversity Framework Fund

Recently held in Washington DC, the inaugural council meeting of the Global Biodiversity Framework Fund (GBFF) saw significant commitments, including a $1.1 billion investment towards biodiversity conservation, climate action, and pollution control.

Highlights of the first council meeting of GBBF:

• It formed rules for its implementation, with delegates agreeing to invest $1.1 billion in actions on biodiversity, climate change, nature renewal, and pollution control.
• $203 million was endorsed for 21 climate change adaptation projects funded by the Least Developed Countries Fund (LDCF) and Special Climate Change Fund (SCCF), and Spain pledged 10 million Euros to GBFF, joining contributions from Canada, the United Kingdom, Germany, and Japan.
  • The LDCF aims to support Least Developed Countries (LDCs) in becoming more resilient through National Adaptation Programs of Action (NAPAs), National Adaptation Plans (NAPs), and addressing adaptation in vulnerable sectors like agriculture and water management.
  • The SCCF, created at COP 2001 of the UNFCCC, helps vulnerable nations mitigate climate change impacts.
• The GBFF approved the Resource Allocation Policy and Project Cycle Policy for donor funds allocation and decided that 20% of its resources would support indigenous-led initiatives for biodiversity conservation.
• The GEF Council, which customarily meets twice a year, has planned to meet three times in 2024 to further its goals.

About GBFF:

• The GBFF’s mission is to mobilize investments for biodiversity conservation, scaling up financing to implement the Kunming-Montreal Global Biodiversity Framework (KMGBF), ratified at the 7th GEF Assembly in Vancouver, Canada, in 2023.
• Its governance includes members from various regions, using a consensus approach for decision-making, aiming to secure $20B by 2025 and $30B by 2030 for developing nations, with over a third of the fund’s assets dedicated to SIDS and LDCs.

The World Bank acts as the Trustee, with the fund addressing threats like wildfires and urban expansion and highlighting the need for $200 billion a year until 2030 for biodiversity protection

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