1ST GLOBAL ENVIRONMENT FACILITY (GEF) COUNCIL MEETING

In Feb 2024, First Global Environment Facility (GEF) Council meeting of Global Biodiversity Framework Fund (GBFF) was held in United States (US).

Major highlights of meeting:

1. The Government of Spain announced 10 million euros to GBFF.
2. Member countries of GEF have agreed to invest around $1 billion for international action on biodiversity, climate change, nature renewal, and the pollution control.
3. The member countries have endorsed around $200 million for 21 climate change adaptation projects funded by the Least Developed Countries Fund (LDCF) and Special Climate Change Fund (SCCF).
4. During the meeting, the GBFF Resource Allocation Policy and Project Cycle Policy were approved to allocate donor funds based on availability criteria.

About Global Biodiversity Framework Fund (GBFF)

1. It was launched in 2023 at the 7^th GEF Assembly held in Vancouver (Canada).
2. Till now, it has been ratified by almost 186 countries.
3. Aim of the GBFF is to increase financing for implementation of Kunming-Montreal Global Biodiversity Framework (KMGBF).
4. The decisions of the GBFF Council are to be taken by the consensus.

About Kunming-Montreal Global Biodiversity Framework (KMGBF)

1. It was adopted at the COP15 to UN Convention on Biological Diversity. COP 15 was held in Montreal.
2. KMGBF has set around 23 targets, which has to be achieved by the year 2030.
3. The targets include 30% conservation of land and sea, 50% reduction of invasive species, raising at least $200 billion per year etc.

About Global Environment Facility (GEF)

1. It is a financial mechanism that provides grants to developing and undeveloped countries for projects that benefit the global environment.
2. It was established during the 1992 Rio Earth Summit to help tackle our planet's environmental problems.
3. The mission of the GEF is to address global environmental issues while promoting sustainable development.
4. The GEF provides support to projects and programs that focus on biodiversity conservation, climate change mitigation, protection of international waters, prevention of land degradation, and elimination of persistent organic pollutants.
5. The GEF operates as a partnership between 183 countries, international institutions, civil society organizations, and the private sector. It is comprised of a governing body called the GEF Assembly, the GEF Council, the Secretariat, and the implementing agencies.
6. The GEF works with several implementing agencies to execute its projects and programs. These include the United Nations Environment Programme (UNEP), the United Nations Development Programme (UNDP), the World Bank, and regional development banks.

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