Global Environment Facility

Context:  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. More On the News:

• 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)
• 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.

About Kunming-Montreal Global Biodiversity Framework:

• The 15th Conference of Parties (COP15) to the UN Convention on Biological Diversity (CBD) adopted the Kunming-Montreal Global Biodiversity Framework (GBF) 2022.
• The framework has 4 goals and 23 targets that the world needs to achieve by 2030.
• It will replace Aichi Biodiversity Targets.
• Through the Kunming-Montreal Global Biodiversity Framework (GBF), countries agreed to protect 30 percent of the planet by 2030 to reverse ecosystem degradation.

Global Environment Facility:

• The Global Environment Facility (GEF), established on the eve of the 1992 Rio Earth Summit, is a catalyst for action on the environment.
• Through its strategic investments, the GEF works with partners to tackle the planet’s biggest environmental issues.
• It is a unique partnership of 18 agencies — including United Nations agencies, multilateral development banks, national entities and international NGOs — working with 183 countries.
• It is a financial mechanism for
  1. Minamata Convention on Mercury
  2. Stockholm Convention on Persistent Organic Pollutants (POPs)
  3. United Nations Convention on Biological Diversity (UNCBD)
  4. United Nations Convention to Combat Desertification
  5. United Nations Framework Convention on Climate Change (UNFCCC)
• The GEF Trust Fund was established to help developing countries and countries with economies in transition to meet the objectives of the international environmental conventions and agreements.

Additional Information  About Convention on Biological Diversity: CBD is the international legal instrument for The conservation of biological diversity The sustainable use of its components The fair and equitable sharing of the benefits arising out of the utilisation of genetic resources It has been ratified by 196 nations. Its overall objective is to encourage actions, which will lead to a sustainable future. Governing body: Conference of the Parties (COP). Secretariat: Montreal, Canada. The convention was opened for signatures at the United Nations Conference on Environment and Development, or Earth Summit, in June 1992 and entered into force in December 1992.

 News Source: Down to Earth