By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    United Nations
    4th International Conference On Financing For Development Delivers Renewed Hope And Action For Sustainable Development
    4 months ago
    The African Development Bank and the United Nations Human Settlements Programme (UN-Habitat) scale up drive for sustainable urbanization in Africa
    AfDB, UN-Habitat Scale Up Drive For Sustainable Urbanisation In Africa
    4 months ago
    UN
    North Africa: Green Climate Fund Approves Record $300m For FAO-designed Projects In Papua New Guinea, Saint Lucia, The Sahel
    4 months ago
    UNICEF
    How Wars Across Middle East, North Africa Affecting Children – UNICEF
    4 months ago
    UNDP
    UN Development Programme Welcomes Historic Deal On Sustainable Development Even Amidst Global Turmoil
    4 months ago
  • Africa
    Africa
    Show More
    Top News
    From Child Soldiers To Carpenters In The Democratic Republic of Congo
    3 years ago
    Egypt: United States Embassy Cairo Organizes Women And Environment Week
    3 years ago
    PeacePro
    Military Intervention In Niger Republic Will Amount To Digging Africa’s Grave – PeacePro
    2 years ago
    Latest News
     South Africa’s Think 20: Experts Address How Africa Can Bridge Digital Divide And Achieving Financial Inclusion
    3 weeks ago
    U.S. Africa Command Commander Visits West Africa, Underscores Partnership In Addressing Evolving Terrorism Threat
    4 weeks ago
    West Africa Regional Preparatory Workshop For COP30 On Climate Change Opens In Dakar
    4 weeks ago
    Systemic Racism Against Africans And People Of African Descent In Criminal Justice Systems Is Pervasive
    4 weeks ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Nobody Can Hijack Our Mandate, Vows Osun Gov, Adeleke
    3 years ago
    PDP To Osun People: Oyetola Is A ‘Political Leprosy’, Run For Cover
    3 years ago
    UI Alumni Association Hails Okowa’s Giant Strides In Delta State
    2 years ago
    Latest News
    Ex-Pres. Jonathan’s Senior Special Assistant, Dr. Dudafa Dumps PDP For APC
    4 days ago
    Senate President Akpabio Engages Young Progressives in Mentorship Conversation at the Youth House
    1 week ago
    Minister of Women Affairs Visits APC Youth House To Mark International Day Of Girl Child
    2 weeks ago
    EU, ADC Parley: Calls for Electoral Reforms To Guarantee Free, Fair, Credible Polls In Nigeria
    3 weeks ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    1 year ago
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Latest News
    Popoola-Taiwo Legal Practitioners, Shipper’s Council Resolve 3-years Dispute Between Logistics Firms Via ADR
    3 hours ago
    Final Journey of Ezinne Juliana Anyanwu To Begin January 2026 In Nguru
    4 hours ago
    Receivership: Appeal Stalls Hearing Of Kepco Energy, Others’ Suit Against Ecobank, Others
    9 hours ago
    Lady Njemanze’s Final Rites End With Thanksgiving Mass in Owerri
    1 day ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Keep Up With Gripping Story Of ‘The Rishantes’ Showing On GOtv 
    3 years ago
    DStv Media Sales – MIPAN Conference Explores Role Of Video Content In Building Brand Loyalty
    2 years ago
    Sporting Lagos Beat Remo Stars To Emerge Naija Super 8 Champions
    2 years ago
    Latest News
    GOtv Stream vs. Traditional TV: Why Viewers Are Loving the Flexibility
    4 weeks ago
    Securing Africa’s Digital Future: Entertainment in Safe Hands
    1 month ago
    BBNaija S10: Joanna, Mide, and Isabella Clash as Denari and Tracy Exit the House
    1 month ago
    Akamai Adaptive Media Player 2: Bitmovin And Akamai Set New Streaming Standard
    1 month ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Ilara-Epe Kingdom To Confer Chieftaincy Title On Trinidad and Tobago Envoy
    2 years ago
    Kida, Ejidike Felicitate With Nigerians On Christmas And New Year Celebrations 
    3 years ago
    Heritage Confectionery
    ADICC set for Irish African Food Festival
    1 year ago
    Latest News
    The Day Mourners Rebelled in Church By Babafemi Ojudu
    1 week ago
    Ambassador Raffy Bello Greets Imperial Majesty, Ooni Enitan-Ogunwusi, As Olojo Festival Begins In Ile-Ife
    4 weeks ago
    Preserving African Culture: Polaris Bank , Chivita, And Danone Support CIKDAS’ Youth Literary Initiative
    2 months ago
    Nigeria, Switzerland Takes Major Steps Towards Repatriation Of Artifacts And Cultural Cooperation
    2 months ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Unity Bank Shareholders Approve Merger With Providus Bank
    4 weeks ago
    Yomi Joseph Digital Pr Launches 360° Marketing Solutions To Transform Brands Into Industry Leaders
    4 weeks ago
    Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria
    1 month ago
    Intra-African Trade Fair
    Nigeria To Host Intra-African Trade Fair In 2027
    1 month ago
    Bank of Agriculture
    How Nigeria-Brazil Pact Will Boost Agricultural Investment, Food Security – BOA
    2 months ago
  • Health
    Health
    Show More
    Top News
    WHO
    WHO Gives Nigerian Laboratory Full Accreditation To Fight Measles And Rubella
    3 years ago
    European Union Allocates N75m To Prevent Spread Of Diphtheria In Nigeria
    3 years ago
    US Govt Must Heed Lessons Of PEPFAR – AIDS Society Warns
    2 years ago
    Latest News
    Nigerian Academy Of Pharmacy Inducts 14 New Fellows
    4 days ago
    2025 World Pharmacist Day: Lagos Takes Healthcare To Ikorodu Communities
    3 weeks ago
    World Heart Day: Adopt Healthy Food Policies, CAPPA Tasks FG, States
    3 weeks ago
    Lagos Takes Fight Against HIV To Communities
    4 weeks ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: GEF Council Approves $1.1 Billion And Sets Plans For Biodiversity Fund
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > International > GEF Council Approves $1.1 Billion And Sets Plans For Biodiversity Fund
International

GEF Council Approves $1.1 Billion And Sets Plans For Biodiversity Fund

Last updated: 2024/02/10 at 8:11 AM
2 years ago
Share
SHARE

The Global Environment Facility’s 186 member governments have agreed to invest $1.1 billion for international action on biodiversity, climate change, nature renewal, and pollution control, and met for the first time as Council of the new Global Biodiversity Framework Fund (GBFF).

The GEF Council, meeting in Washington, DC, approved $918 million for 45 projects and programs from the Global Environment Facility Trust Fund, including four blended finance initiatives involving the private sector and five Integrated Programs designed to tackle complex challenges in their entirety.

Government representatives also endorsed $203 million for 21 climate change adaptation projects funded by the Least Developed Countries Fund (LDCF) and Special Climate Change Fund (SCCF), which are part of a family of funds that also includes the GEF Trust Fund, the Nagoya Protocol Implementation Fund, and the Capacity Building Initiative for Transparency (CBIT) Trust Fund.

The GBFF, the latest addition to this growing GEF-housed portfolio, is expected to start funding projects related to nature loss and restoration by the end of 2024. It was launched at the Seventh GEF Assembly in August 2023, less than a year after parties to the UN Convention on Biological Diversity requested that the GEF create it to support countries’ efforts to meet the Kunming-Montreal Global Biodiversity Framework goals on halting and reversing nature loss.

- Advertisement -
Ad imageAd image

Country representatives meeting as the GBFF Council reached an agreement in Washington, DC on how donor resources will be allocated, and how projects will be designed and approved. During the Council meeting, Spain announced a new contribution to the GBFF, adding to previous contributions announced by Canada, the United Kingdom, Germany, and Japan.

The GEF is the only multilateral environmental fund that is mandated to work across an array of challenges including biodiversity, climate change, desertification, and toxic chemicals including mercury. It was also selected last year to be a part of the financial mechanism for the new High Seas Treaty on biodiversity in areas beyond national jurisdiction, known as BBNJ.

A paper approved by the Council outlined initial guidelines for GEF support related to the High Seas Treaty, which will complement and build on both international waters and biodiversity investments. This support will include funding for enabling activities and ratification support that will help countries move forward quickly to enact the agreement.

“We are conscious of our unique role in environmental finance and are committed to achieving lasting positive impacts by working in an integrated and inclusive way. The investments and plans approved by our member governments this week reflect this determined commitment,” said Carlos Manuel Rodríguez, GEF CEO and Chairperson. “The support the GEF is deploying stands out not only for its size and accelerating speed but also its reach. We are breaking down silos to move the needle on the environmental challenges both donor and recipient countries are facing.”

The GEF Trust Fund work program – the second-largest in the multilateral institution’s history – is set to mobilize $7.5 billion in co-financing, including from bilateral government aid and multilateral development banks. It includes $530 million for Integrated Programs for the ocean, food systems, transportation infrastructure, wildlife conservation, and critical forest biomes that have been designed to advance holistic action across sectors and borders.

The approved projects and programs will contribute to global environment benefits across the board, with boosts for protected areas, landscape management, greenhouse gas emissions reduction, and terrestrial and marine ecosystems. They span 77 countries including 22 Least Developed Countries and 14 Small Island Developing States.

While most of the GEF Trust Fund support will be provided as grants, the work program also includes $81 million for four blended finance projects that are set to mobilize $1.36 billion in outside investment.

In addition to approving funding for the new projects and programs, GEF Council members also received updates from the GEF Scientific and Technical Advisory Panel and the Independent Evaluation Office.

The Council of the LDCF and SCCF agreed to fund 21 projects that build on years of support for critical initiatives that are helping countries address their most urgent adaptation priorities in a way that helps local communities, strengthens policy frameworks, and advances environmental goals for the long term.

It was one of the largest work programs in the more than two-decade history of the LDCF and SCCF and comes two months after nine donor governments announced new contributions to the unique climate adaptation funds at the UN Framework Convention on Climate Change (UNFCCC) COP28 in Dubai.

The GEF has since the Paris Agreement been mobilizing and distributing resources to meet the urgent and specific climate adaptation needs of Least Developed Countries, Small Island Developing States, and other developing countries, following guidance and decisions from parties to the UN climate convention.

All GEF-supported projects and programs include an overt gender emphasis as required in the institution’s policies and guidance. This includes incorporating gender perspectives in project planning, working to ensure that women’s needs and potential contributions are taken into account and that women benefit from work undertaken and can access related finance and other resources. Women, women’s groups, and gender experts are also key stakeholders in project and program design and assessment. Inclusive conservation, including in partnership with Indigenous Peoples and local communities, women, and youth, is also prioritized throughout GEF policies and procedures, and as a guiding principle for the funding it provides.

In the case of the GBFF, as much as 20 percent of the new fund’s resources will aim to support Indigenous-led initiatives to protect and conserve biodiversity.

Speaking at the Washington, DC meeting, Acting Executive Secretary of the Convention on Biological Diversity David Cooper stressed the need for Indigenous Peoples, local communities, women, and youth to be involved in the fund in order to work towards that 20 percent allocation for Indigenous Peoples and local communities and to ensure that the work it supports is gender-responsive and addresses calls for intergenerational equity.

“Your contributions to this process are going to be very important,” Cooper said.

Dawda Badgie, Executive Director of the National Environment Agency of The Gambia and Co-Chair of the GEF Council, welcomed the agreement among countries to jointly address environmental issues that directly affect human well-being everywhere.

“These decisions can change peoples’ lives for years to come,” Badgie said, pointing in particular to support for coastal resilience and women’s livelihoods. “We have to act collectively about the challenges we are facing. They do not spare anybody.”

You Might Also Like

4th International Conference On Financing For Development Delivers Renewed Hope And Action For Sustainable Development

AfDB, UN-Habitat Scale Up Drive For Sustainable Urbanisation In Africa

North Africa: Green Climate Fund Approves Record $300m For FAO-designed Projects In Papua New Guinea, Saint Lucia, The Sahel

How Wars Across Middle East, North Africa Affecting Children – UNICEF

UN Development Programme Welcomes Historic Deal On Sustainable Development Even Amidst Global Turmoil

INadminNG February 10, 2024 February 10, 2024
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Asisat Oshoala Academy Scouting Trials Successful Completion of Asisat Oshoala Academy Scouting Trials: Unveiling Tomorrow’s Football Stars
Next Article Lagos Doctors Host Nigerian Medical Association (NMA) Games 2024
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?