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World leaders and environmental ministers from around the world are gathered in Vancouver this week for the seventh Global Environment Facility (GEF) Assembly.
Yesterday, they ratified the Global Biodiversity Framework Fund — a first-of-its-kind fund designed to finance biodiversity restoration and conservation across the globe. The fund was presented last December at COP15 in Montreal as a mechanism to help countries meet sustainable development goals (SDGs) and 30x30 commitments.
It will be up to governments, philanthropies, and the private sector to donate to the fund in order for the GEF to meet its goal of disbursing $200 billion for the conservation and restoration of wildlife and ecosystems, with Indigenous-led initiatives targeted to receive 20% of the fund.