Global Environment Facility

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Context

• A funding package of $1.4 billion was disbursed at the 64th GEF council meeting in Brazil.
• The package will support 136 countries by helping them focus on action to address climate, biodiversity, pollution crises, conservation of species and habitat los

Background

• Adequate funds are needed to meet the 4 goals & 23 targets set under the Kunming-Montreal biodiversity framework by 2030.
• To achieve these goals and targets, it was decided that a new trust fund, GBF, would be put in place to run the projects under the framework.
• It was decided at the 15th Conference of Parties to the UN Convention on Biological Diversity.
• Establishment of the GBF fund is significant to ensure adequacy, predictability and timely flow of funds for the implementation of the Kunming-Montreal biodiversity framework.
• The Global Environment Facility has to ensure that the Global Biodiversity Framework Fund has access to at least $200 billion per year by 2030.

GEF Timeline

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Source: https://www.thegef.org/who-we-are

Distribution of Fund

Sectors

• A total of $1.4 billion fund was disbursed. Out of this –
  • $653 million (47% of total) has been set aside for biodiversity.
  • 16 per cent of total fund for climate change.
  • 12 per cent for land degradation.
  • 11 per cent for international waters.
  • 6 per cent for chemicals and waste.

Regions and Organizations

• It most benefited the Latin America and the Caribbean region.
• Second most benefitted region was the Africa region.
• Out of the 18 implementing agencies for GEF
  • The United Nations Development Programme got most funds.
  • It was followed by the UN Environment Programme and
  • Food and Agriculture Organization.

Significance

• Countries’ National Biodiversity Strategies and Action Plans will be supported and made more effective.
• It will accelerate efforts for Biodiversity programmes across globe.
• It will help in meeting the targets of the Kunming-Montreal Global Biodiversity Framework (GBF).
• Developing countries will be able to respond more strategically to environmental concerns.
• Overall this fund is supposed to have a positive and much needed impact on environment and sustainability of the planet.

Must Read Article:

Global Environment Facility (GEF)

https://www.iasgyan.in/daily-current-affairs/gef-unido-bee-project

Food and Agriculture Organization (FAO)

https://www.iasgyan.in/daily-current-affairs/food-and-agriculture-organization

UN Environment Programme (UNEP)

https://www.iasgyan.in/daily-current-affairs/un-environment-programme-unep

UN Development Programme (UNDP)

https://www.iasgyan.in/daily-current-affairs/united-nationals-development-programme-undp

UN Convention on Biological Diversity

https://www.iasgyan.in/daily-current-affairs/united-nations-convention-on-biological-diversity-cbd

Kunming-Montreal Global Biodiversity Framework

https://www.iasgyan.in/daily-current-affairs/kunming-montreal-global-biodiversity-framework

https://www.downtoearth.org.in/news/wildlife-biodiversity/brazil-gef-meet-over-half-a-billion-dollars-set-aside-for-work-on-biodiversity-90282