What is the News ?

As per the chief executive of the Global Environment Facility (GEF) in a plenary session, it will likely to work more closely with civil society organisations in the future.

Facts About:

About: Environmental leaders from 185 countries will gather in Vancouver, Canada for the Seventh Assembly of the Global Environment Facility from August 22-26, 2023.

Global Environment Facility (GEF): The GEF Assembly, which meets every 4 years, is the global body that coordinates financing for international efforts to address climate change, biodiversity loss, pollution, and factors inhibiting land and ocean health.

Points of discussion:

• Building on recent diplomatic breakthroughs on biodiversity loss, toxic chemicals, and the high seas, the GEF Assembly will be a critical stocktaking for 2030 goals to end pollution and nature loss, combat climate change, and propel inclusive, locally-led conservation.
• GEF would work directly with non-governmental organisations that work at the convention level.
• It is set to include the launch of the Global Biodiversity Framework Fund, a new source of funding for protecting species and ecosystems globally.
• The fund will open new avenues for private sector and philanthropic support to enable rapid implementation of the historic Global Biodiversity Framework agreed at COP15 in Montreal, December 2022, and of the high seas treaty adopted in New York City, in June 2023.

Need of such an initiative:

• Biodiversity funding needs differ between recipient countries, for example between countries with key areas for biodiversity (often large emerging countries such as Brazil and Indonesia) and the least developed countries (LDCs) or Small Island Developing States (SIDS), for which it is more difficult to access funds.

Global Biodiversity Framework:

• It contains goals to be achieved by 2050 focus on ecosystem and specieshealth including;
  • To halt human-induced species extinction,
  • The sustainable use of biodiversity,
  • Equitable sharing of benefits, and
  • On implementation and finance to include closing the biodiversity finance gap of $700 billion per year.

Source: https://update-mac.com/?tid=103&tag_id=1528a5df-4f9e-4046-9232-3361bc5f2c12&cnv_id=e891de8lpg6sc0b4c&placement=20427977&sub1=726006&clickcost=0