Global Biodiversity Framework Fund
During the 78th session of the UN General Assembly in New York, an event titled “Nature and People: From Ambition to Action” highlighted Germany’s significant contribution of 40 million euros to a special trust fund under the Global Environment Facility (GEF). This financial commitment is a crucial step in supporting developing countries’ efforts to address pressing environmental challenges, including biodiversity loss, climate change, and pollution. Here’s an in-depth look at the significance and purpose of this contribution:
This topic of “Global Biodiversity Framework Fund” is important from the perspective of the UPSC IAS Examination, which falls under General Studies Portion.
The Special Trust Fund under GEF
The special trust fund, operating under the Global Environment Facility (GEF), is dedicated to supporting developing countries in addressing critical environmental issues. GEF, a well-established international organization, focuses on conserving biodiversity, mitigating climate change, and tackling pollution.
Significance for Global Biodiversity
This contribution holds immense significance in the context of achieving the goals and targets set forth in the Kunming-Montreal Global Biodiversity Framework (GBFF). The primary objective of the framework is to halt and reverse biodiversity loss by 2030. To meet this ambitious goal, substantial funding is required, estimated at $200 billion annually.
The Purpose of the Fund
The special trust fund’s primary purpose is to mobilize and accelerate investments in the conservation and sustainability of wild species and ecosystems. It aims to address threats stemming from various sources, including:
- Wildfires: Funding will support efforts to combat and prevent devastating wildfires that pose a severe risk to biodiversity.
- Flooding: Measures to mitigate the impact of flooding on ecosystems will be a key focus.
- Extreme Weather: Preparing for and adapting to the effects of extreme weather events on wildlife and natural habitats will be prioritized.
- Human Activities: Urban sprawl and other human activities that encroach upon and harm ecosystems will be addressed to ensure sustainable coexistence.
Timeline and Funding Details
The ratification of the Kunming-Montreal Global Biodiversity Framework (GBFF) took place in August 2023 at the Global Environment Facility Assembly. To launch the fund successfully, a minimum of $200 million is needed from at least three donors by December 2023.
Contributions made during the Assembly include:
- Canada: Pledged 200 million Canadian dollars to support biodiversity conservation efforts.
- UK: Committed 10 million GBP to contribute to the fund.
However, there remains a shortfall of $40 million, highlighting the need for additional donor contributions to fully launch the trust fund and accelerate global efforts to address biodiversity loss.
