Money Tree

NEW GLOBAL BIODIVERSITY FUND LAUNCHED TO HELP NATURE

As wildfires raged in British Columbia and smoke blanketed the city of Vancouver, a new fund aimed at protecting our natural world was being launched. The UK became one of the first countries to pledge contributions to this newly established international 'Global Biodiversity Framework Fund' on 24th August 2023 at the Global Environment Facility in Vancouver, Canada, where 185 environment leaders had come together, less than a year after 190 countries reached a Paris Agreement-style accord on how to protect the world's natural habitats.

It's envisaged that the fund, with an initial £10million contribution from the UK and 200 million Canadian dollars from Canada, will attract further finance from governments, philanthropy and the private sector towards protecting species and ecosystems globally. The new 'Global Biodiversity Framework Fund' will build on the existing work of the Global Environment Facility (GEF) which supports developing countries in tackling major environmental problems and provides money for environmental projects in 144 Overseas Development Aid eligible countries.

According to a press release issued by the Global Environment Facility, it's been designed in particular to accelerate investment in the conservation of wildlife and ecosystems whose health is under threat from wildfires, flooding, extreme weather, and human activity including urban sprawl. Around 20% of its resources will support Indigenous-led initiatives, and it will also prioritize support for Small Island Developing States and Least Developed Countries, which will receive more than a third of the fund's resources.

"This shows the determination of the world community to implement the Kunming-Montreal Global Biodiversity Framework, and shows that the world is moving from agreement to action," said David Cooper, acting Executive Secretary of the Convention on Biological Diversity.

"Countries have come together in Vancouver to turn things around for the health of the planet and its people. This is a hugely positive moment that will be remembered far into the future. We have shown at the Seventh GEF Assembly that even in difficult conditions - with wildfire smoke as our backdrop - we can move forward to build a more biodiverse planet for everyone's benefit," said Carlos Manuel Rodriguez, CEO and Chairperson of the Global Environment Facility.