Yesterday, the Seventh Global Environment Facility (GEF) Assembly in Vancouver, Canada, established a Global Biodiversity Framework Fund (GBF-Fund), a special trust fund under the GEF, to support the implementation of the Kunming-Montreal Global Biodiversity Framework agreed at COP15 last year. The EU welcomes the creation of this fund, which is a crucial stepping stone towards the implementation of the Kunming-Montreal Global Biodiversity Framework to put nature on a path to recovery by the end of this decade. The fund launched yesterday will complement existing support and help scaling up financing from all sources to ensure the timely implementation and monitoring of the Framework. It will take into account the need for adequacy, predictability, and timely flow of funds.
At COP15, the parties acknowledged that it is essential to mobilise substantial financial resources to protect nature and the planet. As part of the agreement, the GEF was requested to establish the Global Biodiversity Framework Fund, a special trust fund to support the implementation of the Agreement.
Commissioner for Environment, Oceans and Fisheries, Virginijus Sinkevičius, said:
At COP15, we achieved a historic agreement to address biodiversity loss and restore our natural ecosystems. Now, our current goal is the full implementation of the Kunming-Montreal Global Biodiversity Framework, with the launch of the Global Biodiversity Framework Fund marking a crucial step forward.
The EU Biodiversity Strategy, as part of the European Green Deal, highlights the need for increased international support and finance flows. The EU has committed EUR 7 billion of external funding to biodiversity until 2027. This will translate in programmes covering the whole spectrum of the Global Biodiversity Framework, including with attention to indigenous peoples and local communities, and ensuring gender equality.
- Publication date
- 25 August 2023
- Directorate-General for Environment