64th Global Environment Facility Council (GEF) meeting held in Brazil

64th Global Environment Facility Council (GEF) meeting held in Brazil

 Recently, at the 64th Global Environment Facility (GEF) Council meeting to be held in Brazil on 26-29 June 2023, the governing body approved the disbursement of US$ 1.4 billion to accelerate efforts to combat climate, biodiversity, and pollution given.

 The Governing Body has approved the establishment of a new fund, the Global Biodiversity Framework Fund (GBFF), to finance the implementation of the Kunming- Montreal Global Biodiversity Framework.

 This is the second action plan of the GEF-8 funding period (running through 2022 and 2026). This fund is significant because approximately 50% of resources will be allocated to biodiversity-related activities during the GEF-8 period.

 The fund will be allocated 20% to Indigenous Peoples and Local Communities (IPLC), 25% to GEF agencies, 36% to SIDS (Small Island Developing States), and 3% to LDCs (Least Developed Countries).

Global Environment Facility (GEF)

 The Global Environment Facility (GEF) was established a day before the 1992 Rio Earth Summit. It is a type of fund dedicated to combating biodiversity loss, climate change, pollution and the degradation of land and ocean health.

 184 countries including India are its members. Its secretariat is in Washington, D.C. is located in The World Bank and serves as the trustee of the GEF, which manages the GEF Trust Fund (contributions by donors).

It provides financial support for five major international conferences:

 Minamata Convention on Mercury (signed in 2013 and entered into force in 2017).

 Stockholm Convention on Persistent Organic Pollutants (POPs) (signed in 2001 and entered into force in 2004).

 United Nations Convention on Biological Diversity (UNCBD) (came into force in the year 1993).

 United Nations Convention to Combat Desertification (UNCCD) (adopted in the year 1994).

 United Nations Framework Convention on Climate Change (UNFCCC) (signed in 1992 and entered into force in 1994).