Global Biodiversity Framework Fund:
Experts said that the world’s new biodiversity framework fund lacks any real financial commitment to meet conservation targets.
- Global Biodiversity Framework Fund was created to ramp up investment in nature restoration and renewal.
- It has been designed to mobilise and accelerate investment in the conservation and sustainability of wild species and ecosystems, whose health is under threat from wildfires, flooding, extreme weather, and human activity, including urban sprawl.
- The fund was established at the 7th Assembly of the Global Environment Facility in Vancouver, Canada.
- It will help countries achieve the 23 targets set under the Kunming-Montreal Global Biodiversity Framework (KMGBF).
- The framework was adopted at the 15th Conference of the Parties (COP15) to the UN Convention on Biological Diversity last December.
- It will be managed by the Global Environment Facility (GEF) and raise funds through private, philanthropic, and government investments.
- This is a departure from GEF, which relied on just 40 donors for finance.
- It will also have access to funds earmarked for biodiversity conservation under GEF.
- The facility has a cumulative budget of $5.25 billion for 2022-26, of which 36 percent is earmarked for biodiversity.
- The remaining budget is for projects on climate change, pollution, land and ocean health.