Vancouver, August 24 – Representatives from 185 nations gathered at the Global Environment Facility's Seventh Assembly in Canada have agreed on a groundbreaking initiative for biodiversity conservation. They have introduced the Global Biodiversity Framework Fund (GBFF), a forward-thinking fund aimed at attracting contributions from governments, philanthropists, and the private sector to safeguard wild species and ecosystems threatened by wildfires, floods, extreme weather, and human activities like urban expansion.
The GBFF received its official endorsement and inauguration during the GEF Assembly in Vancouver, where two countries, Canada and the United Kingdom, pledged initial capital contributions of 200 million Canadian dollars and 10 million pounds, respectively.
This assembly convened 1,500 individuals worldwide, uniting environmental leaders and experts from government, business, academia, and civil society, with a particular emphasis on including Indigenous Peoples, women, and youth. It coincided with a record wildfire season in British Columbia and the onset of an anticipated record hurricane season in North America, driven by record ocean temperatures in the Pacific and Atlantic.
The GBFF's ratification follows the historic adoption of the Kunming-Montreal Global Biodiversity Framework by the Conference of the Parties to the Convention on Biological Diversity eight months ago. This global framework set ambitious biodiversity goals and established a GEF-managed fund to support its implementation.
The Global Environment Facility (GEF), a consortium of funds, supports developing countries in addressing interconnected environmental issues, including biodiversity loss, climate change, and pollution. In June, the GEF Council greenlit the establishment of this fund during a meeting in Brazil.
The contributions announced in Vancouver will play a crucial role in halting and reversing biodiversity loss by 2030 and setting nature on a path to recovery by 2050. This innovative fund will leverage and distribute fresh resources from public, private, and philanthropic sectors, with a strong focus on ensuring the sustainability of biodiversity and ecosystems.
The launch of the Global Biodiversity Framework Fund is a monumental victory for humanity and the planet. At a time when our natural world faces unprecedented threats, this initiative symbolizes a collective commitment to protect and preserve our fragile ecosystems. With global contributions and partnerships, it aspires to halt the decline of biodiversity by 2030 and chart a course toward ecological restoration by 2050. This fund offers hope for a brighter, more sustainable future, where nature thrives alongside human development, benefiting both current and future generations.
Source: GEF. "New global biodiversity fund launched in Vancouver". https://www.thegef.org/newsroom/press-releases/new-global-biodiversity-fund-launched-vancouver. August 24, 2023. [Accessed: August 26, 2023].
Edited by Manan Chordia.
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