Global Environment Facility | 03 Jul 2023

Why in News?

Recently, at the 64^th Global Environment Facility (GEF) council meeting in Brazil, the governing body approved the disbursement of USD 1.4 billion to accelerate efforts to tackle the climate, biodiversity and pollution crises.

• This is the 2^nd work program of the GEF-8 funding period, which runs from 2022 and 2026.

What are the Key Highlights of the Meet?

• Global Biodiversity Framework Fund:
  • The Governing board 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 fund is crucial as nearly 50% of its resources will be allocated to biodiversity-related work during the GEF-8 period.
• Fund Allocations:
  • 20% will be allocated to Indigenous Peoples and local communities (IPLCs), 25% to GEF agencies, 36% to SIDS (Small Island Developing States), and 3% to LDCs (Least Developed Countries).
  • The allocation for IPLCs will be reviewed two years after the ratification in August, while the allocations for SIDS and LDCs will be reviewed three years after ratification.

What is Global Environment Facility?

• The GEF was established on the eve of the 1992 Rio Earth Summit.
• It is a family of funds dedicated to confronting biodiversity loss, climate change, pollution, and strains on land and ocean health.
• It has a unique governing structure organized around an Assembly, the Council, the Secretariat, 18 agencies, a Scientific and Technical Advisory Panel, and the Evaluation Office.
• It provides Financial Assistance for five major International Conventions:
  • The Minamata Convention on Mercury (signed in 2013 and entered into force in 2017).
  • The Stockholm Convention on Persistent Organic Pollutants (POPs) (adopted in 2001 and entered into force in 2004).
  • The United Nations Convention on Biological Diversity (UNCBD ) (entered into force in 1993).
  • The United Nations Convention to Combat Desertification (UNCCD) (adopted in 1994).
  • The United Nations Framework Convention on Climate Change (UNFCCC) (signed in 1992 and entered into force in 1994).

• It has 184 member countries, including India.
• Its secretariat is based in Washington, D.C.
• The World Bank serves as the GEF Trustee, administering the GEF Trust Fund (contributions by donors).

What is GEF Council?

• The Council, the GEF's main governing body, comprises 32 members appointed by constituencies of GEF member countries (14 from developed countries, 16 from developing countries, and two from economies in transition).
  • India has formed a permanent Constituency in the Executive Council of the GEF together with Bangladesh, Sri Lanka, Bhutan, Nepal and Maldives.
• Council members rotate at different intervals determined by each constituency.
• The Council meets twice annually.
• The Council develops, adopts and evaluates the operational policies and programs for GEF-financed activities.
  • It also reviews and approves the work program (projects submitted for approval), making decisions by consensus.

Source: DTE