The Global Biodiversity Framework (GBF) Fund was ratified and launched at the Seventh Assembly of the Global Environment Facility (GEF) on 24 August, 2023. Two countries announced initial contributions to start its capitalization. This included 200 million Canadian dollars from Canada and 10 million pounds from the United Kingdom.
The GBF Fund is uniquely dedicated to support the implementation of the Kunming-Montreal Global Biodiversity Framework, its goals and its targets. It provides an opportunity to receive funding from all sources, quickly disburse through streamlined procedures, with enhanced access for indigenous peoples and local communities, according to their own priorities. The Fund also provides the opportunity for a greatly enhanced involvement of Multilateral Development Banks and Development Finance Institutes, which will facilitate the mainstreaming of biodiversity necessary to implement the Framework.
Additional resources will need to be mobilized from domestic sources, at all levels of government, the private sector and innovative mechanisms.
It is clear that much of the progress made under the Convention has been enabled by the GEF and the additional resources it has leveraged directly and indirectly.
"Countries need a substantial increase in resources, as was clearly recognized by COP 15, both in Goal D and Target 19 of the Framework itself, and in related decisions on resource mobilization and on the financial mechanism... I am happy to say, with the ratification and launch of the new GEF GBF Fund, we are moving from agreement to action."
-- David Cooper, Acting Executive Secretary of the Convention on Biological Diversity
"Countries have come together in Vancouver to turn things around for the health of the planet and its people. This is a hugely positive moment that will be remembered far into the future. We have shown at the Seventh GEF Assembly that even in difficult conditions – with wildfire smoke as our backdrop – we can move forward to build a more biodiverse planet for everyone’s benefit.”
--Carlos Manuel Rodríguez, CEO and Chairperson of the Global Environment Facility
About the GBF Fund
- The GBF Fund Council will be open to representation by the following members, with more developing country representation compared to developed countries:
- 16 Members from developing countries
- 14 Members from developed countries
- 2 Members from the countries of central and eastern Europe and the former Soviet Union.
- Decisions of the GBF Fund Council are to be taken by consensus, along the lines of the GEF Instrument.
- The COP requested the GEF to establish the GBF Fund in 2023 and until 2030 unless the COP decides otherwise.
- The funds in the GBF Fund will be used to approve projects, activities or programming frameworks until December 31, 2030, unless otherwise decided by the Council or the COP.
- The GBF Fund will be in a position to receive new contributions until December 31, 2030. Should the GBF Fund receive contributions after the final Work Program constitution for Council approval in 2030, the Council may extend the approval deadlines of projects, activities or programming frameworks by six months, to June 30, 2031
- If the CBD COP decides to extend or modify the GBF Fund duration and/or its mandate, the Council will deliberate the necessary decision to respond to such CBD COP decision.
- The World Bank will be invited to serve as the Trustee of the GBF Fund,
- The GBF Fund will be established similar to the Capacity-building Initiative for Transparency (CBIT) Trust Fund,39 the Least Developed Countries Fund, and the Special Climate Change Fund, and the Nagoya Protocol Implementation Fund (NPIF).
- The GBF Fund will combine the contributions of multiple donors. Arrangements for the GBF Fund to be able to receive such contributions are proposed to be put in place in consultation with the Trustee following Trustee’s policies and procedures.