Nations pledge support to GEF
GS Paper - 3 (Environment)
Twenty-nine countries have jointly pledged more than $5 billion for the Global Environment Facility, providing a major boost to international efforts to protect biodiversity and curb threats from climate change, plastics and toxic chemicals through collaborative action this decade.
More about GEF
- The new support, totalling $5.25 billion, increases the GEF's funding by nearly 30 per cent compared to its most recent four-year operating cycle.
- It comes at a critical moment for developing countries whose ability to tackle worsening environmental challenges has been strained by fiscal pressures from the Covid-19 pandemic and rising inflation.
- This successful replenishment is not only important for the programmes and projects the GEF supports around the world and the global environmental benefits they yield.
- The GEF is the primary source of financing for biodiversity protection globally and is the only multilateral fund working across all aspects of environmental health.
- Its financial and policy support helps developing countries meet their obligations under the Convention on Biological Diversity, the Minamata Convention on Mercury, the Stockholm Convention on Persistent Organic Pollutants, the UN Convention to Combat Desertification, and the UN Framework Convention on Climate Change.
- Biodiversity protection represents the biggest share of the GEF's eighth programming period, known as GEF-8, which will run from July 2022 to June 2026.
- This support will be vital to the achievement of the Leaders' Pledge for Nature, which aims to reverse biodiversity loss by 2030 through safeguards of land and ocean territory with globally important biodiversity.
- India is both a donor and a recipient of GEF. It has been a leading developing country participant in the GEF and has played a major role in shaping the restructuring of the GEF.
- Early action grants provided by the GEF in its seventh funding period have laid the groundwork for these efforts to reduce species loss and protect critical ecosystems.
- Since it was launched in 1991, the GEF has provided nearly $22 billion in grants and mobilised another $119 billion in co-financing to address environmental threats and protect biodiverse areas, on land and at sea.