1. What is the Global Biodiversity Framework Fund (GBFF)?
The Global Biodiversity Framework Fund (GBFF) is a financial mechanism established to support the implementation of the Kunming-Montreal Global Biodiversity Framework (GBF) formulated by the Convention on Biological Diversity (CBD). It aims to mobilize resources to achieve biodiversity conservation and restoration goals by 2030.
2. When was the GBFF ratified and launched?
The GBFF was ratified and launched at the Seventh Assembly of the Global Environment Facility (GEF) held in Vancouver, Canada.
3. Who can contribute funds to the GBFF?
Governments, non-profit organizations, and the private sector can contribute funds to the GBFF. The contributions are intended to support initiatives that align with the goals and targets of the Kunming-Montreal Global Biodiversity Framework.
4. What is the purpose of the GBF formulated by the CBD?
The Kunming-Montreal Global Biodiversity Framework aims to halt and reverse biodiversity loss by 2030 and put nature on a path to recovery by 2050. It outlines key targets and actions for biodiversity conservation and sustainable use.
5. Which countries have made contributions to the GBFF?
Canada and the United Kingdom have already donated 200 million Canadian dollars and 10 million pounds respectively to the GBFF.
6. How will the contributions be used?
The contributions to the GBFF will support initiatives to protect and conserve biodiversity. A portion of the funds (20%) will be allocated to Indigenous-led initiatives. Additionally, support will be provided to Small Island Developing States and Least Developed Countries, with over a third of the fund’s resources directed towards them.
7. What is the significance of the GBFF’s early donations?
The early donations are in line with a GEF Council Decision that initial contributions for the GBFF should reach $200 million from at least three donors by December 2023. These contributions enable the operationalization of the fund and support biodiversity-related projects.
8. What is the future outlook for the GBFF?
Additional funds are expected in the future based on the fiscal processes of major donors. The first GBFF Council meeting is scheduled for January 2024, with plans to approve the first work program in June 2024. The fund’s initial disbursement is anticipated after the council meeting to launch projects ahead of CBD’s CoP16.
9. What does this achievement signify for biodiversity conservation?
The establishment and funding of the GBFF represent a positive step towards achieving global biodiversity conservation goals. The contributions and initiatives under the fund aim to create a more biodiverse planet for the benefit of all.
Conclusion: The Global Biodiversity Framework Fund (GBFF) is a significant financial mechanism aimed at supporting the implementation of the Kunming-Montreal Global Biodiversity Framework. With contributions from governments, non-profits, and the private sector, the fund seeks to address biodiversity loss and drive conservation efforts on a global scale.
