Adequate funds are needed to meet the 4 goals & 23 targets set under the Kunming-Montreal biodiversity framework by 2030
At the 64th Global Environment Facility (GEF) council meeting in Brazil, the governing body approved the disbursement of $1.4 billion to accelerate efforts to tackle the climate, biodiversity and pollution crises.
Of this, $653 million has been set aside for biodiversity and this would be used to help countries update their National Biodiversity Strategies and Action Plans, biodiversity programmes and meet the targets of the Kunming-Montreal Global Biodiversity Framework (GBF) agreed in December.
“This large and broad infusion of support will enable developing countries to respond more strategically to environmental concerns that affect us all,” said Carlos Manuel Rodríguez, GEF’s chief executive and chairperson.
This is the second work program of the GEF-8 funding period, which runs from 2022 and 2026.
The funding package includes support for 136 countries and has a significant focus on action to address species and habitat loss, in line with the GBF.
Keeping this in mind, 47 per cent of the funds have been earmarked for work on biodiversity, followed by 16 per cent for climate change, 12 per cent for land degradation, 11 per cent for international waters and 6 per cent for chemicals and waste.
The Latin America and the Caribbean region is getting the most of the funds, followed by the Africa region. Out of the 18 implementing agencies for GEF; the United Nations Development Programme is getting the maximum funds followed by the UN Environment Programme and the Food and Agriculture Organization.
At the 15th Conference of Parties to the UN Convention on Biological Diversity, it was decided that a new trust fund, GBF, would be put in place to run the projects under the framework.
Approval to establish the GBF fund with the objective to ratify it at the upcoming GEF Assembly in August 2023 will now ensure “adequacy, predictability and timely flow of funds” in the implementation of the Kunming-Montreal biodiversity framework.
Adequate funds are needed as there are merely eight years to meet the four goals and 23 targets set under the Framework.
Delegates at the meeting are discussing the distribution of the funds at present.
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