Vancouver, 26 August 2023 (TDI): On August 24, 2023, during the seventh Global Environment Facility Assembly in Vancouver, the Canadian Minister of International Development, Ahmed Hussen, announced Canada’s pioneering $200 million investment in the Global Biodiversity Framework Fund, making it the first country to contribute to the GBFF.
Ahmed Hussen is co-hosting and chairing the GEF assembly which lasts from 22-26 August in Vancouver.
During the event, Canada proclaimed its commitment to work domestically and internationally to safeguard nature and make the planet healthy for future generations.
During the 15th Conference of Parties (COP15) in Montréal last December, the participants decided to establish GBFF to safeguard biodiversity and promote nature’s recovery.
Now, in the Seventh GEF assembly, the Global Biodiversity Framework Fund has been officially initiated.
The GBFF will swiftly deploy fresh resources to support the developing states in protecting and rejuvenating nature while promoting strong economies.
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Moreover, the GBFF will channel investments into the world’s most diverse, abundant, and unique ecosystems through three vital innovations.
Firstly, by backing indigenous and local efforts to protect and conserve biodiversity, allocate 20% of programming towards projects that promote these initiatives.
Secondly, through distributing about 25% of the fund via selected international financial institutions, a crucial approach to increasing resources with private sector engagement and securing coherent policies.
Lastly, by primarily focusing on allocating about 36% of the fund’s resources to support the needy population, including in small island developing states and least developed countries.
Minister Hussen also revealed Canada’s commitment to donating an extra $22.8 million for the GEF eighth replenishment, supporting the GEF initiatives in addressing the interconnected challenges of climate change, declining biodiversity, and pollution.
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This extra funding is built on Canada’s previous contribution of $219 million to the GEF Eighth Replenishment which was announced during COP15.
These efforts emphasize Canada’s commitment to resolving the issue of declining biodiversity.
