Agreement Scales Up GEF Funding to Address Biodiversity, Climate Change, Pollution
By IISD's SDG Knowledge Hub, April 21, 2022
Negotiations on the eighth replenishment of the Global Environment Facility Trust Fund (GEF-8) concluded with pledges from 29 countries to contribute USD 5.25 billion during the next four-year operating cycle.
The total pledges represent an increase of nearly 30 percent compared to GEF-7.
Negotiations on GEF-8 began in February 2022 and concluded on 8 April 2022. The talks took place virtually, due to the global pandemic. Over the course of six on-line sessions, contributing participants reviewed the GEF's performance and evaluated progress, assessed future funding needs, and agreed on a financing framework for new financing commitments for the period from 1 July 2022 to 30 June 2026.
At the conclusion of the talks, Carlos Manuel Rodriguez, CEO and Chairperson of the GEF highlighted that their success "is not only important for the programs and projects the GEF supports around the world and the global environmental benefits they yield. It is a strong signal that the international community is ready to work together on the tough challenges that require us all to be at the table, as we seek to restore the health of our planet and its people."
As listed in the "Indicative GEF-8 Resource Allocation Table Following the Conclusion of the Replenishment Negotiations on April 8, 2022," four focal areas will receive 89.2% of the GEF-8 resources, with biodiversity receiving 36%; climate mitigation receiving 16%; land degradation receiving 11.6%; chemicals and waste receiving 15%; and international waters receiving 10.6%.
The GEF is a financing mechanism for the Convention on Biological Diversity, the Minamata Convention on Mercury, the Stockholm Convention on Persistent Organic Pollutants, the UN Convention to Combat Desertification, and the UN Framework Convention on Climate Change. [GEF Press Release]