The Global Biodiversity Framework Fund (GBFF) Council has set out the rules for allocating resources to nature conservation projects, taking a step towards enabling the fund to run in full swing.
The governing body held its first-ever gathering in Washington, DC on Thursday, laying the groundwork for the governance of the fund. It said it expects to open its first round of applications in the coming months and start funding projects by the end of this year.
The Global Environment Facility (GEF) established the vehicle last year to boost investments in species and ecosystem conservation, to help implement the goals of the Kunming-Montreal Global Biodiversity Framework (GBF).
Under the Resource Allocation Policy, approved by the GBFF Council, financial contributions will be delivered on a rolling basis.
“Following Council approval of the policy, the secretariat will … publicly disclose the maximum value of funding requests that can be submitted by each country,” the GBFF Council said.
While the first round of applications will open regardless of the current GBFF capitalisation level, subsequent rounds will open every time the fund raises an additional $250 million. It has so far raised just $214 mln.
The document also covers operational procedures for the selection of financed projects as well as country-specific ceilings reflecting the potential benefits to biodiversity a single country may yield.
“All GBFF resources are allocated in a country-driven manner to projects through consecutive selection rounds open to all eligible countries,” the GBFF Council said.
Funding requests will be selected and approved based on seven main criteria:
- Potential to generate environmental benefits at a global level
- Contribution to the GBF implementation
- Alignment with the National Biodiversity Strategies and Action Plans (NBSAPs)
- Level of policy coherence and coordination
- Balance amongst different world’s regions
- Mobilisation of funding from the private sector and philanthropies
- Support to Indigenous Peoples and local communities (IPLCs)
INITIAL CONTRIBUTIONS
While the GBFF governing body is progressing towards the full implementation of the fund, countries are still falling short in adequately contributing to its capitalisation.
In the lead-up to the meeting, Spain announced a $10 mln pledge, joining a handful of countries that have allocated funding to the GBFF. Canada and the UK announced initial contributions at last year’s GEF Assembly in Vancouver, followed by Germany and Japan.
“These are not pledges to the GEF or the GBFF,” GEF CEO and chairperson Carlos Manuel Rodriguez said in opening remarks at the meeting.
“These are pledges to the future of this planet. To the future of our children. To the future of our grandchildren.”
Ahead of the meeting, some environmental organisations urged developed countries to step up and announce ambitious contributions to the fund.
“A larger concern that should be a top priority for wealthy nations is how they will meet their commitment to delivering at least $20 billion per year in nature finance to developing countries by 2025, some of which will be steered to the GBFF,” the director of Campaign for Nature, Brian O’Donnell, told Carbon Pulse.
During the gathering in Washington, DC the GEF Council approved $203 mln in spending to support climate adaptation in the world’s most vulnerable countries, as well as $916 mln on efforts to tackle biodiversity loss, climate change, and pollution.
The governing body also allocated new funding to assist countries in accelerating the ratification of the Biodiversity Beyond National Jurisdictions (BBNJ) agreement on high seas governance, poised to play a critical role in achieving the GBF targets.
By Sergio Colombo – sergio@carbon-pulse.com
** Click here to sign up to our twice-weekly biodiversity newsletter **
