Global Biodiversity Framework Fund | Key Developments and Goals

The first council meeting of the Global Biodiversity Framework Fund (GBFF) took place recently in Washington DC, US.

Key Highlights of the Global Biodiversity Framework Fund

• The meeting, held as part of the 66th Council Meeting of the Global Environment Facility (GEF), underscored the necessity of securing funds to fulfil the objectives outlined in the Kunming-Montreal Global Biodiversity Framework adopted at COP15.
• GEF member governments commit $1.1 billion for global initiatives on biodiversity, climate change, nature renewal, and pollution control.
• $203 million was approved for 21 climate change adaptation projects funded by the Least Developed Countries Fund and Special Climate Change Fund.
• Spain pledges 10 million euros to GBFF, joining contributions from Canada, the United Kingdom, Germany, and Japan.
• Approval of GBFF Resource Allocation Policy and Project Cycle Policy to guide fund allocation based on donor availability

Global Biodiversity Framework

• The GBF aims to address biodiversity loss, restore ecosystems and protect indigenous rights. The plan includes concrete measures to halt and reverse nature loss, including putting 30 per cent of the planet and 30 per cent of degraded ecosystems under protection by 2030.
• It also contains proposals to increase finance to developing countries – a major sticking point during talks.
• The stakes could not be higher: the planet is experiencing a dangerous decline in nature as a result of human activity. It is experiencing its largest loss of life since the dinosaurs. One million plant and animal species are now threatened with extinction, many within decades.

Goals of the Global Biodiversity Framework (GBF)

The GBF consists of four overarching global goals to protect nature, including:

1. halting human-induced extinction of threatened species and reducing the rate of extinction of all species tenfold by 2050;
2. sustainable use and management of biodiversity to ensure that nature’s contributions to people are valued, maintained and enhanced;
3. fair sharing of the benefits from the utilization of genetic resources, and digital sequence information on genetic resources; and
4. that adequate means of implementing the GBF be accessible to all Parties, particularly Least Developed Countries and Small Island Developing States.

23 Targets to Achieve by 2030

The GBF also features 23 targets to achieve by 2030, including

• Effective conservation and management of at least 30 per cent of the world’s land, coastal areas and oceans. Currently, 17 percent of land and 8 per cent of marine areas are under protection
• Restoration of 30 per cent of terrestrial and marine ecosystems
• Reduce to near zero the loss of areas of high biodiversity importance and high ecological integrity
• Halving global food waste
• Phasing out or reforming subsidies that harm biodiversity by at least $500 billion per year, while scaling up positive incentives for biodiversity conservation and sustainable use
• Mobilizing at least $200 billion per year from public and private sources for biodiversity-related funding
• Raising international financial flows from developed to developing countries to at least US$ 30 billion per year
• Requiring transnational companies and financial institutions to monitor, assess, and transparently disclose risks and impacts on biodiversity through their operations, portfolios, supply and value chains

Convention on Biological Diversity (CBD)

• Opened for signature in 1992 at the Earth Summit in Rio de Janeiro, and entering into force in December 1993, the CBD is an international treaty for the conservation of biodiversity, the sustainable use of the components of biodiversity and the equitable sharing of the benefits derived from the use of genetic resources.
• With 196 Parties, the CBD has near universal participation among countries.
• The Convention seeks to address all threats to biodiversity and ecosystem services
• The Cartagena Protocol on Biosafety and the Nagoya Protocol on Access and Benefit-Sharing are supplementary agreements to the CBD.
• Cartagena Protocol: The Cartagena Protocol, which entered into force 11 September 2003, seeks to protect biodiversity from the potential risks posed by living modified organisms resulting from modern biotechnology. To date, 173 Parties have ratified the Cartagena Protocol.
• The Nagoya Protocol: The Nagoya Protocol aims to hare the benefits arising from the utilization of genetic resources in a fair and equitable way, including by appropriate access to genetic resources and by appropriate transfer of relevant technologies. Entering into force 12 October 2014, it has been ratified by 135 Parties.

Conclusion

The Global Biodiversity Framework Fund (GBFF) is crucial to meeting the ambitious targets set by the Global Biodiversity Framework (GBF). With significant financial contributions from various countries and a clear set of goals and targets, the GBFF is a key mechanism in protecting the world’s biodiversity. The collective efforts of the international community, alongside the Convention on Biological Diversity (CBD), will be pivotal in addressing the biodiversity crisis and ensuring the long-term health of ecosystems globally.

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