In a historic decision, the Board of the Global Environment Facility (GEF) approved plans to establish an innovative new fund to fund the implementation of the Kunming-Montreal Global Biological Diversity Framework. This fund represents an important milestone in the protection and conservation of biodiversity around the world., aiming to put nature on a recovery path later this decade. The creation of this fund is a watershed to enable countries to protect, restoration and sustainable use of nature, second Carlos Manuel Rodriguez, CEO and President of GEF and former Minister of Environment and Energy of Costa Rica.
The Kunming-Montreal Global Biological Diversity Framework was a groundbreaking agreement reached during the summit of the Convention on Biological Diversity, of COP-15, in montreal, no year of 2022. This framework established ambitious goals and objectives for the conservation, restoration and sustainable use of biodiversity and ecosystems to 2030.
The Importance of Financing
The implementation of this agreement requires financial support to developing countries, many of which have a rich biodiversity, but face significant budget difficulties. In this sense, the GEF approved the creation of the Global Biodiversity Framework Fund, which will aim to attract capital from governments, private sector and philanthropic organizations.
Carlos Manuel Rodríguez highlighted the importance of this fund in training countries to protect, restore and ensure the sustainable use of nature. The decision of the GEF Board, taken during a meeting in Brasilia, paves the way for the launch of the fund during the 7th GEF Assembly, which will take place in August, in the city of vancouver, Canada.
This new fund will offer direct support to developing countries, facing budget difficulties in implementing the goals and strategies of the Global Framework for Biological Diversity. With this financial support, it will be possible to transform the goals into concrete actions and obtain significant results in the conservation of biodiversity.
The creation of the Global Biodiversity Framework Fund reflects the recognition of the importance of biodiversity to the health of the planet and human well-being. Healthy ecosystems and biological diversity are critical to maintaining essential ecosystem services, like climate regulation, the pollination, water purification and food security.
Furthermore, Biodiversity conservation is intrinsically linked to climate action and compliance with the Agenda 2030 for Sustainable Development. Protecting biodiversity is an essential part of the global strategy to mitigate climate change and promote sustainable development in all its dimensions.
David Cooper, Acting Executive Secretary of the Convention on Biological Diversity, highlighted that achieving the goals and targets of the Global Framework is extremely ambitious, but it is also necessary to maintain the web of life on planet earth. Cooper emphasized that the new fund will provide an opportunity to receive funding from all sources and disburse it quickly., ensuring greater access for indigenous peoples and local communities.
In addition to the creation of the Global Biodiversity Framework Fund, the GEF will continue to support biodiversity initiatives through the projects and programs funded by its other funds. This is the largest component of the GEF-8 funding cycle, that occurs from 2022 a 2026. The GEF already provides resources to support countries in creating national plans aligned with the goals and targets of the Global Framework.
Biodiversity on the high seas
The extension of the GEF's mandate was also approved during the meeting in Brasilia. Now, the GEF is part of the financial mechanism to support the new agreement under the United Nations Convention on the Law of the Sea for the conservation and sustainable use of marine biological diversity in areas beyond national jurisdiction (BBNJ, in the acronym and english). This expansion will allow the GEF to support ratification and early action by countries on the high seas biodiversity agreement.
The creation of the Global Biodiversity Framework Fund by the GEF Board represents a significant step forward in protecting and conserving biodiversity around the world.. This fund will provide the necessary financial support to implement the goals and strategies of the Global Framework, turning them into concrete actions. Biodiversity conservation is essential to ensure a sustainable future for present and future generations, and government involvement, private sector, philanthropic organizations and local communities is critical to the success of this initiative.
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