With a view to supporting and feeding into the ongoing negotiations leading to the establishment of the Global Biodiversity Framework Fund (GBF Fund) at the Global Environment Facility Council in June 2023, IDDRI organised a workshop to reflect on a collective roadmap for a fund that will have to get started and yield results very quickly, as results are expected by COP16 in late 2024. While the agreement reached at the GEF Council for the GBF Fund necessarily relied on how the GEF functions, several issues will however require a gradual paradigm shift in how multilateral biodiversity finance is raised and disbursed. This Note puts forward a theory of change to unlock transformative change toward the achievement of the 2030 GBF targets.
- The new fund has been set up very quickly and has differentiated itself from the GEF Trust Fund, initially to respond to requests for improved accessibility and rapid disbursement of funds. Nevertheless, there are still uncertainties about the capitalization of the fund, which will determine its ability to finance activities.
- To mobilize more funds, the GBF Fund must become an innovative fund with a strong multiplier potential and thus attract funds from developed countries, but also from other actors who need to be brought around the table. This Note, based on a workshop with experts and stakeholders, suggests a theory of change for an effective fund to finance biodiversity.
- The GBF Fund’s activities and projects should be based on national and local specificities, as stated in the national biodiversity strategies and action plans. It includes as a first step mobilizing and supporting the development of strategies and finance plans, while ensuring the participation of local stakeholders.
- Coordination and complementarity between all biodiversity and development stakeholders are crucial, as all will have to be in working order to ensure consistency and increasing resources for the implementation of the Kunming-Montreal framework.