The Global Environment Facility has received pledges from 29 countries totalling more than $5 billion. This provides a major boost in international efforts to preserve biodiversity and reduce threats from climate change and toxic chemicals by taking joint action over the next decade.
The GEF’s funding has increased by almost 30% to $5.25Billion, compared with its most recent four-year operational cycle.
It comes at a crucial moment for developing nations whose ability is to deal with worsening environmental issues has been limited by rising inflation, fiscal pressures and the Covid-19 pandemic.
“This replenishment is important not only for the GEF’s programmes and projects around the globe, but also for the global environmental benefits they bring. It is a strong signal to the international community that we are ready to work together to tackle the tough challenges that face us all, as we seek to restore health to our planet and its inhabitants,” Carlos Manuel Rodriguez, CEO and Chairperson, GEF.
“The strong result of the GEF replenishment can be one that we all can be immensely proud of as this strengthens the Global Environment Facility’s role in environmental actions for the benefit of nature, humanity,” stated Akihiko Nishio (World Bank Vice-President of Development Finance) and Co-Chair of replenishment.
“The GEF has never been more well-equipped to address global environmental issues than this moment, when the planet is facing unprecedented risks and challenges.”
The GEF is the main source of financing for biodiversity conservation worldwide and the only multilateral fund that works across all aspects of environmental health.
Its financial and policy support helps developing nations meet their obligations under the Convention on Biological Diversity.
“Small Island Developing States are pleased with the increase funding in the GEF’s eighth replenishment, that will facilitate enhanced ambitions on many environmental fronts, where transformational change needs to be achieved,” Caroline Eugene, Saint Lucia’s former Operational Focal Point for the GEF, said. She represented Small Island Developing States at the replenishment negotiations.
“We appreciate the efforts of GEF to align international and nation priorities, and work in an integrative way to achieve global environment benefits and strengthen resilience in the post Covid-19 era.”
“Germany is a strong advocate of the Global Environment Facility. This institution brings together countries to tackle environmental challenges in ways that others can’t. This strong GEF-8 refill is very good news for our collective efforts to address species loss and climate change.
Biodiversity protection is the largest part of the GEF’s eighth programming period (known as GEF-8), which will run from June 2022 through June 2026.
This support is vital for the achievement of The Leaders’ Pledge For Nature, which aims reverse biodiversity loss by 2030 through protections of land and sea territory that contain globally important biodiversity.
GEF-8’s other priorities include addressing climate change, soil degradation, chemicals and waste, as well alleviating pressures upon the ocean and international watersways. GEF-8 supports projects and programs, as well international negotiations and their results.
The majority of the funding will come from 11 integrated programs that address multiple threats simultaneously, such as environmental degradation in cities, food systems, water and forest management.
GEF’s continued support in the next four year will be crucial in the implementation the new Global Biodiversity Framework. It is expected that the framework will be approved at the Convention on Biological Diversity COP-15 summit, which will take place later in the year in Kunming in China.
GEF’s seventh funding period provided early action grants that have helped to set the stage for these efforts to reduce the loss of species and protect important ecosystems.
The GEF was established in 1991 and has provided grants totalling nearly $22 billion and co-financed $119 billion to address environmental threats and protect biodiverse regions on land and at sea.
GEF investments have also prevented more than 9 billion tons carbon emissions to date. They have also helped Least Developed Countries (LDC) and Small Island Developing States (SID) strengthen their defenses against climate change.
The GEF will continue its focus on blended finance solutions to increase funding for biodiversity, nature and climate change in the next operating period.
It will also collaborate with governments to facilitate efficient, targeted financing. Engagement through an enhanced Country Support Program and knowledge exchange and learning initiatives linking the 184 member countries of the GEF will be possible.
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(Only headline and photo of this report might have been reworked slightly by Business Standard staff; the rest is auto-generated from syndicated feeds.
