Six European countries have pledged €130 million ($137 million) to the Global Biodiversity Framework Fund (GBFF) during the COP16 summit in Cali, Colombia, according to Euronews.
Austria, Denmark, France, Germany, Norway, and the U.K. have collectively increased the fund's total to €200 million ($211 million) this week, marking a significant step toward global biodiversity preservation.
The GBFF, established after the Kunming-Montreal Agreement at COP15, was made to finance the restoration of ecosystems and the protection of endangered species. The funds support initiatives like the 30x30 target, which aims to conserve 30% of the planet's land and water by 2030.
The pledged funds are already making changes. Projects in Brazil, Fiji, Gabon, and Mexico are focused on restoring protected areas, improving biodiversity, and empowering local communities to lead conservation efforts. For example, in Mexico, funds are being used to improve nationally protected areas to meet the GBFF's 30x30 goal. Environmentalists in Fiji are taking care of coral reefs to enhance biodiversity and support local fisheries.
Plus, the GBFF ensures that at least 20% of its resources directly support Indigenous peoples to recognize some of the planet's most effective protectors of its nature.
Committing an additional €50 million ($53 million) in 2024, Germany so far is the largest donor, bringing its total contribution to €90 million ($95 million).
The U.K. follows with £45 million (€54 million, $57 million), adding to its previous commitments, such as funding marine conservation projects that safeguard habitats for endangered species like seals and seabirds. The U.K. donated £10 million in 2023, taking its total to roughly €66 million ($69 million).
Other countries, including Canada, Japan, and New Zealand, have also made new donations.
Experts call for more fundraising despite the camaraderie. Kristian Teleki, CEO of Fauna & Flora, described the country's contributions as "an okay start" but stated that "but this is the minimum we need from these countries, and on an annual basis. We need a lot more committed, from many more nations."
For readers in the U.S., similar initiatives, like the Inflation Reduction Act, provide opportunities to support environmental and financial well-being. With policies for clean energy and cost-effective home upgrades, The Cool Down's guide on the IRA offers a pathway to personal and planetary improvement.
The Global Biodiversity Framework Fund helps countries to make promising steps forward in the protection of ecosystems. Global Environment Facility CEO Carlos Manuel Rodríguez described the fund's progress as "full-speed operation," with many more projects in the pipeline to benefit communities.
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