Prelims: Environment – Important global funds related to biodiversity, GBBF (Global Biodiversity Framework Fund), UNCBD, KMGBF(Kunming-Montreal Global Biodiversity Framework).
Mains: General Studies 3 – Conservation, Environmental Pollution and Degradation, Environmental Impact Assessment.
Q : Explain the purpose of the Green Grid Initiative launched at World Leaders Summit of the COP26UN Climate Change Conference in Glasgow in November,2021. When was this idea first floated inthe International Solar Alliance (ISA)?
Why in News
The first council meeting of the Global Biodiversity Framework Fund (GBFF) recently convened in Washington DC, which set out rules for implementation.
United Nations Convention on Biological Diversity: Conservation of Global Biological Diversity
- The Convention was Opened for signature at the Earth Summit in Rio De Janeiro in 1992. It comes under the United Nations Environment Programme (UNEP).
- Parties – 196 (includes India too )
- legally binding on its signatories.
Key Facts 🗝️
UNCBD:
- Member Parties: 196. (Incl. INDIA)
- HQ: Montreal, Canada
- UN Member Countries Not a Party: USA, Vatican
GBFF:
- Ratified by: 186 countries
- Launched : 2023
- The Conference of Parties (COP) is the governing body of the convention. It consists of the governments that have ratified the treaty.
- HQ – Montreal, Canada.
- Only two member states of the United Nations are not Parties to the CBD, namely: the USA and the Vatican.
- In the 1992 Earth Summit, two landmark binding agreements were signed, one of them being the United Nations Convention on Biological Diversity. The other one was the Convention on Climate Change.
Kunming-Montreal Global Biodiversity Framework (KMGBF)
- It was adopted at COP15 in Montreal under the UN Convention on Biological Diversity and set 23 targets to be achieved by 2030.
- These targets include conserving 30% of land and sea, reducing invasive species by 50%, and raising at least $200 billion per year.
About
GBFF:
- GBFF aims to increase funding for the Kunming-Montreal Global Biodiversity Framework (KMGBF), ratified by 186 countries and launched in 2023 at the Seventh GEF Assembly in Vancouver, Canada.
- The GBFF Council decisions are to be made by consensus, and the World Bank has been invited to serve as the Trustee of GBFF.
Key decisions include:
- committed $1.1 billion for global initiatives on biodiversity, climate change, nature renewal, and pollution control.
- $203 million was approved for 21 climate change adaptation projects funded by the Least Developed Countries Fund and Special Climate Change Fund.
- Spain pledges 10 million euros to GBFF, joining contributions from Canada, the United Kingdom, Germany, and Japan.
- Approved – GBFF Resource Allocation Policy
- Project Cycle Policy to guide fund allocation based on donor availability.
