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Context
- A funding package of $1.4 billion was disbursed at the 64th GEF council meeting in Brazil.
- The package will support 136 countries by helping them focus on action to address climate, biodiversity, pollution crises, conservation of species and habitat los
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Background
- Adequate funds are needed to meet the 4 goals & 23 targets set under the Kunming-Montreal biodiversity framework by 2030.
- To achieve these goals and targets, it was decided that a new trust fund, GBF, would be put in place to run the projects under the framework.
- It was decided at the 15th Conference of Parties to the UN Convention on Biological Diversity.
- Establishment of the GBF fund is significant to ensure adequacy, predictability and timely flow of funds for the implementation of the Kunming-Montreal biodiversity framework.
- The Global Environment Facility has to ensure that the Global Biodiversity Framework Fund has access to at least $200 billion per year by 2030.
GEF Timeline
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Source: https://www.thegef.org/who-we-are
Distribution of Fund
Sectors
- A total of $1.4 billion fund was disbursed. Out of this –
- $653 million (47% of total) has been set aside for biodiversity.
- 16 per cent of total fund for climate change.
- 12 per cent for land degradation.
- 11 per cent for international waters.
- 6 per cent for chemicals and waste.
Regions and Organizations
- It most benefited the Latin America and the Caribbean region.
- Second most benefitted region was the Africa region.
- Out of the 18 implementing agencies for GEF
- The United Nations Development Programme got most funds.
- It was followed by the UN Environment Programme and
- Food and Agriculture Organization.
Significance
- Countries’ National Biodiversity Strategies and Action Plans will be supported and made more effective.
- It will accelerate efforts for Biodiversity programmes across globe.
- It will help in meeting the targets of the Kunming-Montreal Global Biodiversity Framework (GBF).
- Developing countries will be able to respond more strategically to environmental concerns.
- Overall this fund is supposed to have a positive and much needed impact on environment and sustainability of the planet.
Must Read Article:
Global Environment Facility (GEF)
https://www.iasgyan.in/daily-current-affairs/gef-unido-bee-project
Food and Agriculture Organization (FAO)
https://www.iasgyan.in/daily-current-affairs/food-and-agriculture-organization
UN Environment Programme (UNEP)
https://www.iasgyan.in/daily-current-affairs/un-environment-programme-unep
UN Development Programme (UNDP)
https://www.iasgyan.in/daily-current-affairs/united-nationals-development-programme-undp
UN Convention on Biological Diversity
https://www.iasgyan.in/daily-current-affairs/united-nations-convention-on-biological-diversity-cbd
Kunming-Montreal Global Biodiversity Framework
https://www.iasgyan.in/daily-current-affairs/kunming-montreal-global-biodiversity-framework
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PRACTICE QUESTION
Recently approved $1.4 billion fund at a Global Environment Facility (GEF) council meeting in Brazil would be a significant step to achieve the targets of tackling climate change by developing countries. Critically Analyze.
(250 Words)
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https://www.downtoearth.org.in/news/wildlife-biodiversity/brazil-gef-meet-over-half-a-billion-dollars-set-aside-for-work-on-biodiversity-90282
