Newsbreak: GEF approves over $700m for nature protection
By Samuel Ogunsona
The Global Environmental Facility, (GEF), countries has approved $736.4 million for vast environmental needs among other projects.
The GEF has 186 member countries who are developed and developing participants in the council.
The governing body had said the diverse package of the finance includes the new global biodiversity framework funds, ew support for the Great Green Wall (GGW), Nature protection and some other renewable projects.
The GGW project is a landmark initiative focused on increasing climate resilience and improving land health across Africa’s Sahel region.
Other include the new Sustainable Cities Integrated Program and support for an innovative new coral bond, building on the successful rhino bond issued in 2022 with GEF blended finance support.
The funding from the GEF Trust Fund, Least Developed Countries Fund (LDCF), and Global Biodiversity Framework Fund (GBFF), which together are part of the GEF family of funds, reflects a commitment to quickly and efficiently deploy grants to developing countries whose action on environmental challenges is key to meeting global goals for biodiversity, climate change, and pollution this decade.
The package of support includes nearly $500 million from the GEF Trust Fund for 25 projects and programs.
However, focusing on climate change adaption, GEF council members approved a record $203 million from the LDCF for initiatives across 20 Least Developed Countries, including joint financing with the GEF Trust Fund for the Great Green Wall.
