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NEWS

Global biodiversity gets $163 million boost as 8 new nations makes significant pledges

October 29, 2024 • 2 min read

October 29, 2024

By Samuel Ogunsona

At the Convention on Biological Diversity’s 16th Conference of the Parties (COP16), eight Governments announced new pledges totaling $163 million to support the Global Biodiversity Framework Fund (GBFF).

This significant funding will aid countries and communities in conserving and restoring ecosystems and ensuring the long-term health of wild species.

The contributing Governments include Austria, Denmark, France, Germany, New Zealand, Norway, the United Kingdom, and Québec, with the latter being the first sub-national government to contribute to the GBFF.

This brings the total number of contributors to 12, also including Canada, Japan, Luxembourg, and Spain.

Astrid Schomaker, Executive Secretary of the Convention on Biological Diversity, expressed gratitude to the donors, emphasizing the urgent need for the fund’s capitalization to support national implementation of the Global Biodiversity Framework. Colombia’s Environment Minister and COP16 President, Susana Muhamad, highlighted the importance of global solidarity and cooperation in achieving the framework’s objectives.

Established at COP15, the GBFF has streamlined procedures to efficiently support developing countries, receiving contributions from public, private, and philanthropic sources. GEF CEO and Chairperson Carlos Manuel Rodríguez noted the fund’s rapid progress, with projects already approved and funded.

Québec’s Minister of International Relations and la Francophonie, Martine Biron, emphasized the need for a whole-of-society approach to ensure successful implementation of the Kunming-Montreal Global Biodiversity Framework.

The GBFF has approved its first work program, supporting projects in Brazil, Gabon, Mexico, and 18 other project preparation grants. Twenty-four developing countries, including 13 Least Developed Countries and Small Island Developing States, are accessing support from the fund.

The GBFF aims to allocate 20% of its funding to support led by Indigenous Peoples and local communities, promoting biodiversity conservation and sustainable development.