Global Biodiversity Framework Fund (GBFF) Is Now Operational

Relevance: GS3 - Conservation, environmental pollution and degradation, environmental impact assessment

(Source: Down to Earth, 09/21/2023)

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Why in the News?

Recently, Germany pledged to contribute 40 million euros to the Global Biodiversity Framework Fund (GBFF) in a high-level event named ‘Nature and People: From Ambition to Action’ which is organised in the sideline of the ongoing 78th session of the United Nations General Assembly in New York.

Major outcomes of the event

• Germany pledged to contribute 40 million euros to the Global Biodiversity Framework Fund (GBFF). The fund is operational because the condition of ‘$200 million from at least three donors by December 2023 to be operational’ is fulfilled now.
• New Caledonia pledged to strictly protect 10 percent of its maritime space by the end of 2023.
• An additional 114,900 hectares of marine ecosystems across Comoros, St Lucia and Vanuatu would be restored under the Small Island Developing States (SIDS) Ecosystem Restoration Flagship project.
• Community Land Rights and Conservation Finance Initiative (CLARIFI), received 5 million euros from Germany to boost the role of indigenous peoples and local communities (IPLC) in decision-making on nature conservation.
• The GBFF was ratified in August 2023 at the Global Environment Facility Assembly but needed $200 million from at least three donors by December 2023 to be operational. At the Assembly itself, Canada committed 200 million Canadian dollars and the United Kingdom committed 10 million GBP but this still left a shortfall of $40 million.

What is Kunming-Montreal Global Biodiversity Framework and GBFF?

• It was adopted during the 15th Conference of Parties (COP15) to the UN Convention on Biological Diversity.
• There are 4 goals and 23 targets to achieve by 2023 according to KMGBF.
• 4 Goals are as follows:
  • Halting human-induced extinction of threatened species and reducing the rate of extinction of all species tenfold by 2050
  • Sustainable use and management of biodiversity to ensure that nature’s contributions to people are valued, maintained and enhanced
  • Fair sharing of the benefits from the utilisation of genetic resources, and digital sequence information on genetic resources
  • Adequate means of implementing the GBF be accessible to all Parties, particularly Least Developed Countries and Small Island Developing States.
• Major Targets of the framework are as follows:
  • Effective conservation and management of at least 30 percent of the world’s land, coastal areas and oceans.
  • Restoration of 30 percent 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
  • Mobilising at least $200 billion per year from public and private sources
  • Raising international financial flows from developed to developing countries to at least US$ 30 billion per year
  • It was requested that the Global Environment Facility set up a Special Trust Fund – the Global Biodiversity Framework Fund – to support the implementation of the GBF, in order to ensure an adequate, predictable and timely flow of funds.

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FAQ

MCQ

Question: Consider the following statements about Global Biodiversity Framework Fund:

1. It was launched during COP 15 of Convention on Biodiversity (CBD) under Kunming-Montreal Global Biodiversity Framework.
2. Target is to collect a fund of $200 bn per year to achieve the targets to conserve biodiversity.
3. It is ratified in the 78th session of the United Nations General Assembly.

Select the correct statement using the code given below:

(a) 1 & 2 only

(b) 2 & 3 only

(c) 1 & 3 Only

(d) All of the Above