GEF Approves $372 Million for Biodiversity Projects

Why in News?

The Global Environment Facility (GEF) has approved $372 million funding for 36 environmental projects in developing countries. The move supports global efforts to achieve biodiversity targets under the Kunming-Montreal Global Biodiversity Framework (2022)

Global Environment Facility:

Established in 1991, the Global Environment Facility (GEF) is the world’s largest multilateral fund dedicated to the environment. It serves as an independent financial mechanism for several major international conventions, helping developing countries and transition economies address urgent environmental challenges. 

GEF Supports 5 Major International Conventions:

• Convention on Biological Diversity (CBD)
• UN Framework Convention on Climate Change (UNFCCC)
• UN Convention to Combat Desertification (UNCCD)
• Stockholm Convention on Persistent Organic Pollutants (POPs)
• Minamata Convention on Mercury

Kunming-Montreal Global Biodiversity Framework (KMGBF):

Kunming-Montreal Global Biodiversity Framework (KMGBF), also known as The Biodiversity Plan, is a landmark international agreement adopted on 19 December 2022 during the 15th Conference of the Parties (COP15) to the UN Convention on Biological Diversity (CBD). It is often described as the “Paris Agreement for Nature,” serving as the global roadmap to halt and reverse biodiversity loss by 2030

It has four global goals:

• Restore and protect ecosystems & species
• Ensure sustainable use of biodiversity
• Fair and equitable sharing of genetic resource benefits
• Mobilize finance, technology, and capacity-building

Exam Tip

KMGBF = 4 Goals (2050) + 23 Targets (2030) + 30×30 Target