The Global Biodiversity Framework Fund (GBFF) was ratified and launched at the 7th Assembly of the Global Environment Facility (GEF) in Vancouver, Canada on August 24, 2023.
Key points
- Governments, non-profits and the private sector can now contribute their funds here to ensure that the world meets the goals and targets of the Kunming-Montreal Global Biodiversity Framework (GBF) formulated by the Convention on Biological Diversity (CBD) by 2030.
- The GBF aims to protect 30% of land and 30% of coastal and marine areas by 2030, fulfilling the deal’s highest-profile goal, known as 30-by-30.
- Canada and the United Kingdom have already donated 200 million Canadian dollars and 10 million pounds respectively to the GBFF.
- As much as 20% of funds from the GBFF is targeted to support Indigenous and local action to protect and conserve biodiversity.
- At least 36% of the fund’s resources are aimed to support the most vulnerable people, small island developing states, and least developed countries.
- About 25% of the fund will be delivered through selected international financial institutions to increase resources through private sector involvement and ensure policies are streamlined.
- Indigenous organizers around the U.N. biodiversity convention, known as the International Indigenous Forum on Biodiversity (IIFB), welcomed the target of 20% of funds directed to Indigenous peoples and local communities (IPLCs).
- The Montreal agreement seeks to raise international financial flows from developed nations to developing countries to at least $20 billion per year by 2025 and to at least $30 billion per year by 2030. However, this is far shorter than the total some industrially developing countries desired, with some parties like the Democratic Republic of Congo calling for a total of $100 billion a year.
- Under Target 19 of GBF, at least $200 billion per year will need to be raised by 2030.
