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- GBFF aims to scale up financing for implementation of Kunming-Montreal Global Biodiversity Framework (KMGBF).
- Ratified by 186 countries and launched in 2023 at Seventh GEF Assembly in Vancouver, Canada.
- Decisions of GBFF Council are to be taken by consensus.
- World Bank invited to serve as Trustee of GBFF.
- Key highlights of meeting
- GEF’s member government have agreed to invest $1.1 billion for international action on biodiversity, climate change, nature renewal, and pollution control.
- They endorsed $203 million for 21 climate change adaptation projects funded by Least Developed Countries Fund and Special Climate Change Fund.
- Spain announced 10 million euros to GBFF, adding to contributions announced by Canada, United Kingdom, Germany, and Japan.
- GBFF Resource Allocation Policy and Project Cycle Policy were approved to allocate donor funds based on availability.
- About KMGBF
- Adopted at COP15 (held in Montreal) to UN Convention on Biological Diversity.
- KMGBF has set 23 targets to be achieved by 2030 which include 30% conservation of land and sea, 50% reduction of invasive species, raising at least $200 billion per year etc.
About GEF
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