What’s next for the new Global Biodiversity Fund? (commentary)

The Global Biodiversity Framework Fund: Financing the Conservation of Biodiversity

Introduction

In recent decades, escalating threats to global biodiversity have led to urgent calls for international intervention. The 15th Convention on Biological Diversity meeting (COP15) held in December 2022 established a new Global Biodiversity Framework (GBF) for action through the year 2030. One of the key challenges discussed during COP15 was the financial support needed to achieve the ambitious goals of the GBF.

In response, the Global Environment Facility (GEF) officially launched the Global Biodiversity Framework Fund (GBF Fund) during its Seventh Assembly in Vancouver, Canada. This “game-changing” instrument aims to finance the execution of the GBF and address the critical issue of biodiversity loss.

The Biodiversity Financing Gap

The GBF sets four long-term goals for 2050 and 23 targets for urgent actions to achieve by 2030. However, the CBD Secretariat has warned that the current biodiversity finance gap is $700 billion per year. To bridge this gap, a drastic increase in capital mobilization is crucial. Target 19 of the GBF aims to mobilize at least $200 billion per year by 2030 through various strategies, including boosting funding from developed countries to developing countries and enhancing domestic resource mobilization.

GBF Fund Origins and Next Moves

The GBF Fund was established by the GEF, a multilateral fund that serves multiple UN environmental initiatives. However, concerns have been raised about the GEF’s under-resourcing and bureaucratic requirements. Despite these concerns, parties at COP15 agreed to house the GBF Fund within the GEF. The first GBF Fund council is set to convene in January 2024.

Opportunities and Challenges

As the GBF Fund moves ahead, several key opportunities and challenges lie on its path. Continuous review and optimization through the CBD will be essential for the fund’s ongoing refinement. Cooperation with Multilateral Development Banks (MDBs) can enhance the fund’s capability to deliver on its commitments. Transparency, accountability, and stakeholder involvement are crucial for maintaining trust and credibility. The fund should also foster a culture of innovation and learning to enhance its effectiveness and efficiency.

Conclusion

The GBF Fund is a significant step towards achieving global biodiversity goals. It plays a crucial role in promoting sustainable management and addressing biodiversity loss. The fund’s success will be measured by its impact on biodiversity conservation, making measurable impacts crucial. With strategic planning, stakeholder involvement, and continuous improvement, the GBF Fund can fulfill its critical role in funding biodiversity conservation worldwide.

SDGs, Targets, and Indicators in the Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 15: Life on Land
• SDG 17: Partnerships for the Goals

The article discusses the Global Biodiversity Framework (GBF) and the establishment of the Global Biodiversity Framework Fund (GBF Fund) to address biodiversity loss and protect ecosystems. This aligns with SDG 15, which focuses on conserving and sustainably using terrestrial ecosystems, as well as SDG 17, which emphasizes the importance of partnerships to achieve sustainable development goals.

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 15.5: Take urgent and significant action to reduce the degradation of natural habitats.
• Target 15.9: By 2020, integrate ecosystem and biodiversity values into national and local planning, development processes, poverty reduction strategies, and accounts.
• Target 17.6: Enhance North-South, South-South, and triangular regional and international cooperation on and access to science, technology, and innovation.

The article mentions the four long-term goals for 2050 and 23 targets for urgent actions under the Global Biodiversity Framework (GBF). The targets mentioned above are relevant to the issues discussed in the article.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Indicator for Target 15.5: Proportion of important sites for terrestrial and freshwater biodiversity that are covered by protected areas.
• Indicator for Target 15.9: Number of countries that have adopted legislative, administrative, and policy frameworks to ensure the incorporation of biodiversity into national and local planning.
• Indicator for Target 17.6: Amount of funding for biodiversity conservation provided by developed countries to developing countries.

The article does not explicitly mention indicators, but these indicators are commonly used to measure progress towards the identified targets.

Table: SDGs, Targets, and Indicators

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Source: news.mongabay.com

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