The Global Environment Fund, GEF has launched a new global fund for biodiversity that will attract funding from governments, philanthropy, and the private sector.
The new fund was ratified and launched at the ongoing 7th GEF Assembly in Vancouver, where Canada and the United Kingdom announced initial contributions of 200 million Canadian dollars and 10 million pounds respectively.
The contributions will support action towards halting and reversing biodiversity loss by 2030 and putting nature on a recovery path by 2050.
CEO and Chairperson of the Global Environment Facility Carlos Manuel Rodríguez, described ratification as a positive moment that will be remembered far into the future.
He said countries have come together to turn things around for the health of the planet and its people.
“We have shown at the Seventh GEF Assembly that even in difficult conditions – with wildfire smoke as our backdrop – we can move forward to build a more biodiverse planet for everyone’s benefit,” he said.
In his remarks, Canada’s Minister of International Development Ahmed Hussen, said Canada is making a significant contribution to this new fund and continuing to show its support for the GEF’s eighth replenishment to ensure the protection of the planet’s biodiversity for generations to come.
According to him “Biodiversity is the critical foundation of our well-being and the health of our planet.
“The new Global Biodiversity Framework Fund will play a key role in addressing biodiversity loss, it will address it in developing countries, where the impacts of nature loss are highest; it will address it in a gender-responsive manner, including through cross-sectoral partnerships,” he said.
Steven Guilbeault, Canada’s Minister of Environment and Climate Change said the world is at a pivotal time of unprecedented environmental challenges as the world is being confronted by the triple crises of climate change, pollution, and biodiversity loss.
“The urgency of a global response has never been greater. Over the last eight months, since COP15, we have seen outstanding collaboration between countries and international partners, and we need to keep the momentum going.
“Canada’s longstanding partnership with the GEF is central to our efforts and underscores our shared commitment to collaboration and climate action,” he said.
United Kingdom Nature Minister Trudy Harrison said as the world confronts the critical challenge of halting and reversing biodiversity loss, working together has never been more important.
“Our initial contribution to the Global Biodiversity Framework Fund showcases the United Kingdom’s ongoing dedication to protecting our planet’s natural diversity and through vital international cooperation we are paving the way for a more sustainable future for our planet,” he said.
The new fund will mobilize and disburse new and additional resources from public, private, and philanthropic sources, with a focus on the sustainability of biodiversity and ecosystems.
As much as 20 percent of its resources will support Indigenous-led initiatives to protect and conserve biodiversity. It will also prioritize support for Small Island Developing States and Least Developed Countries, which will receive more than a third of the fund’s resources.
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The GEF is a family of funds supporting developing countries’ action on inter-related environmental challenges including biodiversity loss, climate change, and pollution.
In June, the GEF Council approved the arrangements to establish the fund during a meeting in Brazil.
The GBFF’s ratification came eight months after the Conference of the Parties to the Convention on Biological Diversity agreed on a historic set of global biodiversity goals known as the Kunming-Montreal Global Biodiversity Framework, and decided to set up a new GEF-managed fund to support its implementation.
The new Global Biodiversity Framework Fund (GBFF)is designed to mobilize and accelerate investment in 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.
The GEF Assembly has brought together 1,500 people from around the world, including environmental leaders and managers from government, business, academia, and civil society, including Indigenous Peoples, women, and young people.
The once-every-four-year gathering is taking place during a record wildfire season in British Columbia and at the start of what is expected to be a record hurricane season in North America, fueled by record Pacific and Atlantic ocean temperatures.
By Dare Akogun
