The story was updated on March 21 with more project details.
The Global Biodiversity Framework Fund (GBFF) has approved its first grants, agreeing to spend $40 million on four projects in Brazil, Gabon, and Mexico, administrator Global Environment Facility (GEF) announced Wednesday.
The fund, which was established last year and held its first board meeting last month, approved the grants, which it said will ensure long-term financing, improved management, and expansion of protected areas, in partnership with Indigenous Peoples and local communities.
“I am thrilled to see the GBFF up and running and providing high-impact support to biodiverse countries whose work to protect nature is critically important to 2030 goals,” said GED CEO and Chairperson Carlos Manuel Rodriguez in a press release.
“I congratulate Brazil, Gabon, and Mexico for their efforts to prioritise meaningful initiatives that the GBFF can support in a way that builds on and amplifies financing from the Global Environment Facility trust fund related to biodiversity.”
Implementation of the projects is expected to start in June, Carbon Pulse has learnt.
Around half the initial funding approved will support conservation, restoration, sustainable use, and biodiversity management actions by Indigenous Peoples and local communities (IPLCs).
In the longer term, the GBFF has an aspirational target that at least 20% of its funding should go to IPLCs.
Notably, $9.8 mln will go towards a project aimed at protecting and maintaining the biodiversity of Indigenous lands in Brazil.
The project steering committee will include members from the Indigenous Peoples’ organisations, the GEF Secretariat told Carbon Pulse.
Another $9.7 mln will be granted to an initiative seeking to improve the conservation of Brazil’s Caatinga, a biome of global biodiversity importance.
The project entails expanding the National System of Protected Areas (SNUC) as well as engaging IPLCs.
As much as $18.1 mln will support Mexico in improving the management of its protected areas, while $1.48 mln will go towards enhancing the management of conserved areas in Gabon by integrating a national human-wildlife conflict strategy.
Developed nations have committed to deliver $20 billion in annual nature finance by 2025, though the GBFF so far has only raised $214 mln.
It opened up for a first round of applications after the February inaugural meeting, and will from now on do so every time an additional $250 mln is raised.
“I hope that this early progress ahead of COP16 will inspire more proposals from countries and also encourage further donors to contribute to the new fund,” said David Cooper, acting executive secretary of the UN Convention on Biological Diversity.
By news@carbon-pulse.com and Sergio Colombo – sergio@carbon-pulse.com
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