Global Biodiversity Framework Fund (GBFF)
The Global Biodiversity Framework Fund (GBFF) is a financing mechanism created to mobilize and accelerate investment in the conservation and sustainability of wild species and ecosystems. It was established at the 7th Assembly of the Global Environment Facility in Vancouver, Canada in 2022.
The health of many ecosystems and wild species populations across the world is under threat from issues like wildfires, flooding, extreme weather events, and human activities like urban sprawl and pollution. In response to these threats, the international community came together to adopt the Kunming-Montreal Global Biodiversity Framework (KMGBF) at the 15th Conference of Parties (COP15) to the UN Convention on Biological Diversity in December 2021.
The KMGBF sets out 23 targets to conserve and sustainably manage biodiversity by 2030. However, achieving these targets will require significantly ramping up financing for conservation and sustainability projects around the world. The GBFF was created to help mobilize these needed investments.
Funding and Management
The GBFF is managed by the Global Environment Facility (GEF), an international financing mechanism that has previously focused on mobilizing funds for projects related to biodiversity, climate change, land degradation, chemicals and waste, international waters, and sustainable forest management.
Unlike past GEF funding though, the GBFF will raise funds through private, philanthropic, and government investments beyond just the approximately 40 countries that have traditionally donated to the GEF. For the 2022-2026 GEF funding cycle, 36% of a $5.25 billion cumulative budget has been earmarked for biodiversity-focused projects that the GBFF can also access.
The GBFF is overseen by a Fund Council consisting of:
- 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 Fund Council are to be taken by consensus, along the lines of existing GEF governance procedures.
The GBFF will finance projects focused on protecting threatened ecosystems and species, restoring degraded habitats, expanding protected areas, and mainstreaming biodiversity conservation into economic activities like agriculture, fishing, and forestry. The specific projects funded will align with the targets outlined in the KMGBF.
Over 2022-2026, the GBFF aims to mobilize $5 billion in investments for biodiversity conservation, including at least $1 billion specifically for restoration activities. The launch of the GBFF represents a major new stream of financing to help countries ramp up efforts to meet their commitments under the new Global Biodiversity Framework.
The first council meeting of the Global Biodiversity Framework Fund (GBFF) took place recently in Washington DC, United States, February 8-9, 2024. The delegates set down rules for the implementation of GBFF, which was proposed during 15th Conference of Parties (COP15) of the Convention on Biological Diversity in 2022.