The contribution of $200 million from the Canadian government to the Global Diversity Framework Fund has been made public.
The crucial contribution is to slow down and stop the decline of biodiversity.
The statement was made on Friday at the 7th Global Environmental Facilities (GEF) being held in Vancouver by the Honorable Ahmed Hussen, Minister of International Development.
Yesterday, environmental officials from 185 countries who had convened in Vancouver, Canada, had launched a fund in order to encourage global conservation. The United Nations requested donations to help achieve targets such as the protection of 30% of land and coastal areas by 2030.
The UK contributed £10 million ($12.60 million), and Canada promised to give 200 million Canadian dollars ($147.20 million).
However, the Canadian government has long taken the initiative to make important and time-sensitive decisions to solve the climate catastrophe.
On Tuesday, August 22, the seventh GEF meeting officially opened in Vancouver, with the participation of indigenous people from 185 nations and world leaders.
One of its primary goals is to establish vital financing sources for the preservation of threatened species and their ecosystems.
Recall that delegates made a commitment to establish a global biodiversity framework fund at the 15th Conference of the Parties (COP15) in Montreal in December of last year in order to safeguard biodiversity and aid in the restoration of nature.
The fund was officially established today in Vancouver during the seventh GEF assembly, which takes place every four years.
The global framework fund, according to Hon. Ahmed Hussen, will serve to mobilize new resources and support developing nations all over the world in safeguarding biodiversity.
“The GBFF will quickly mobilize new resources and disburse them to developing countries to support their efforts to protect and restore nature and grow resilient economies” He said.
“Canada is providing an additional $22.8 million in funding for the GEF’s Eighth Replenishment to further support the GEF’s efforts to tackle the triple planetary crisis of climate change, biodiversity loss and pollution. This additional funding builds on Canada’s initial contribution of $219 million to the GEF’s Eighth Replenishment, which was announced at COP15 and highlights Canada’s continued dedication to real action that will help end global biodiversity loss” He added.
The GEF Assembly continues until Saturday, August 26.
The Global Biodiversity Framework Fund must receive $200 million from at least three donors by December, according to the advocacy group Avaaz, in order to be deemed functioning.
Director of Avaaz Oscar Soria stated, “The time for half-measures has passed. The meager $40 million required to launch the fund may surely be raised by donors.
The gathering takes place eight months after states adopted the Kunming-Montreal Global Biodiversity Framework, sometimes known as the “Paris Agreement for Nature” and referencing the historic United Nations climate change agreement from 2015.
One of the 23 goals of the framework is to mobilize the public and commercial sectors to provide $200 billion annually for conservation programs by 2030, with industrialized nations providing at least $20 billion annually by that time.
The Global Environment Facility (GEF), a mechanism established under the UN Convention on Biological Diversity and the UN Framework Convention on Climate Change, manages the fund that was launched yesterday. Over the past 30 years, the GEF has given more than $23 billion to thousands of projects.
More than a third of the cash would go to the least developed nations and tiny island states of the world, with up to 20 percent of that amount intended for initiatives run by indigenous people, the GEF announced in a statement.