GEF Foundation To invest Over $1billion In Environmental Initiatives
By Faridat Salifu
The GEF family of funds is expanding its support across multiple international environmental conventions, making it an ambitious endeavor.
Reports say the Global Environment Facility’s governing board will be meeting early this year to decide on more than $1 billion in funding for various environmental projects.
This includes climate change adaptation, biodiversity, ocean health, pollution control, and more.
During the meeting scheduled to hold between February 5 to 9, 2024, the GEF Council will consider a $916 million work program, which is the second largest in the fund’s history.
The representatives of the GEF’s 186 member countries will also review $203 million in adaptation financing from the Least Developed Countries Fund (LDCF) and Special Climate Change Fund (SCCF). Additionally, the board will hold the first meeting of the new Global Biodiversity Framework Fund (GBFF).
2024 is expected to be a crucial year for environmental conventions and collaboration, as countries will convene for Conferences of the Parties on biodiversity, climate change, and desertification.
Carlos Manuel Rodríguez, GEF CEO and Chairperson, emphasized the urgency of the situation and the need to efficiently deploy resources to benefit recipient countries and the planet.
The proposed GEF work program is expected to mobilize co-financing from other sources, with each dollar expected to generate $8.90 in co-financing.
The grants in the proposed work program will cover a wide range of projects related to biodiversity, climate change, food systems, forest management, land degradation, river and ocean health, chemicals and waste, and wildlife.
Additionally, there will be support for Integrated Programmes that address environmental degradation through a cross-cutting approach.
The Council members will also consider additional funding for climate adaptation projects in Least Developed Countries, Small Island Developing States, and other developing nations.
During the meeting, members will review guidelines for the enabling activities and ratification support projects for the new UN Convention on the Law of the Sea, which identifies the GEF Trust Fund as part of its financial mechanism.
Furthermore, the GBFF Council will consider policies for donor resource allocation and project review and approval, marking the beginning of the fund’s operational stage.
Claude Gascon, GEF Director, highlighted the organization’s agility and ability to swiftly deploy resources as it progresses towards achieving international environmental goals. The focus is on integration, inclusion, and impact as the GEF continues to increase its effectiveness throughout.