Operational matters discussed, but nothing on resource mobilisation
William Ehlers, GEF council secretary and Carlos Manuel Rodríguez, GEF chief executive and council co-Chairperson at the 66th Meeting of the GEF council. Photo: IISD - Earth Negotiations Bulletin / Diego Noguera The first council meeting of the Global Biodiversity Framework Fund (GBFF) took place recently in Washington DC, United States, February 8-9, 2024. The delegates set down rules for the implementation of GBFF, which was proposed during 15th Conference of Parties (COP15) of the Convention on Biological Diversity in 2022.
Delegates approved the Resource Allocation Policy and the Project Cycle Policy, which will help the council allocate donor funds when they are available. The GBFF Resource Allocation Policy gives the Global Environment Facility (GEF) chief executive the authority to approve projects worth up to $5 million. It also mandates midterm reviews for all projects above $2 million.
GEF implementing agencies will have nine months from the endorsement of a project preparation grant to fully prepare projects and get them approved by the GBFF council. GBFF’s first work programme is expected later this year, with financing by the end of 2024.
Read more: Why 2024 may see action on biodiversity credits
The world requires at least $200 billion a year until 2030 to fund biodiversity protection programmes, as assessed during COP15. So far, GBFF has 200 million Canadian dollars (approximately $148.56 million) from Canada, 10 million pounds (approximately $12.65 million) from the United Kingdom, 40 million euros (approximately $43.16 million) from Germany and 10 million euros (approximately $10.79 million) from Spain.
The total funds collected are just a little bit more than the $200 million needed as seed capital to make the GBFF operational.
The meeting was part of the week-long 66th Council meeting of the GEF, the implementing agency for GBFF, which has to find funds needed to meet the goals and targets of the Kunming-Montreal Global Biodiversity Framework adopted at COP15.
David Cooper, acting executive secretary of the Convention on Biological Diversity, appreciated the efforts made by the GEF and the importance of the decision taken that at least 20 per cent of the funds available to Indigenous Peoples, local communities at the Council meeting in Brazil in June 2023.
At the just concluded 66th GEF council meeting, the delegates took decisions on the fate of funds available to support projects related to biodiversity, climate change, food systems, forest management, land degradation, river and ocean health, chemicals and waste, and wildlife.
They approved $918 million for 45 projects and programmes (including four blended finance initiatives involving the private sector) and $203 million for 21 climate change adaptation projects. Biodiversity receives a large chunk of the funds pledged to GEF by twenty-nine donor governments. On June 21, 2022, donors pledged $5.33 billion for the next four years, and so far, programming has reached nearly 50 per cent of the funds.
Read more: Can the Global Biodiversity Framework Fund make a difference?
“We are conscious of our unique role in environmental finance and are committed to achieving lasting positive impacts by working in an integrated and inclusive way. The investments and plans approved by our member governments this week reflect this determined commitment,” said Carlos Manuel Rodríguez, GEF chief executive and chairperson.
To increase the availability of funds, GEF's work programme this time includes $81 million for four blended finance projects that are set to mobilise $1.36 billion in outside investment. GEF hopes to mobilise $7.5 billion in co-financing, including from bilateral government aid and multilateral development banks. GBFF is open to accept donations from all sources — private, philanthropy and governments.
Other than the GBFF council meeting, two more meetings took place during the GEF council meeting. These were virtual GEF consultations with civil societies and the 35th Least Developed Countries Fund/Special Climate Change Fund council meeting.
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