Context:
Experts suggest that should the Global Biodiversity Framework Funds (GBFF) be unable to secure sufficient funding, it will necessitate countries to source additional funds domestically.
Global Biodiversity Framework Fund:
- Launched at the 7th Assembly of the Global Environment Facility (GEF) in Canada
- Initial contributions made by – Canada and United Kingdom
- Objectives –
- To help countries achieve the 23 targets set under the KMGBF (the Kunming-Montreal Global Biodiversity Framework).
- To receive funding from all sources and quickly disburse through streamlined procedures.
- To enhance the access for indigenous peoples and local communities, according to their own priorities.
- Finance – Private, philanthropic and government investments unlike GEF, which relied on just 40 donors for finance.
- It has a cumulative budget of 5.25 billion USD for 2022-26, of which 36% is for biodiversity and the remaining is for projects on climate change, pollution, land and ocean health.
- Managed by – Global Environment Facility (GEF)
- Trustee of the GBFF – World Bank
- GBFF Council – More representations from developing countries than developed and decisions are to be taken by consensus.
- Activities – It will be used to approve projects until December 31, 2030, unless otherwise decided by the Council or the COP of UNFCC.
Must Read: GEF
Source: Down to Earth
Previous Year Question
With reference to ‘Global Environment Facility’, which of the following statements is/are correct?
[UPSC Civil Services Exam – 2014 Prelims]
(a) It serves as financial mechanism for ‘Convention on Biological Diversity’ and ‘United Nations Framework Convention on Climate Change’
(b) It undertakes scientific research on environmental issues at global level
(c) It is an agency under OECD to facilitate the transfer of technology and funds to underdeveloped countries with specific aim to protect their environment
(d) Both (a) and (b)
Answer: (a)
