Why In News ?

• Recently the new Global Biodiversity Fund has been officially launched to restore nature around the world by 2030.

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• The Global Biodiversity Framework Fund (GBFF) was approved and launched at the Seventh Assembly of the Global Environment Facility (GEF) in Vancouver, Canada.

 Fund Allocations:

• 20% will be allocated to Indigenous Peoples and local communities (IPLCs), 25% to GEF agencies, 36% to SIDS (Small Island Developing States), and 3% to LDCs (Least Developed Countries).
• The allocation for IPLCs will be reviewed two years after the ratification in August, while the allocations for SIDS and LDCs will be reviewed three years after ratification.

Kunming-Montreal Global Biodiversity

• The Kunming-Montreal Global Biodiversity Framework (GBF) was approved by the UN Convention on Biological Diversity (CBD) at the 15th Conference of Parties (COP15) on December 19, 2022.
• The first part of COP15 was held in Kunming, China and the second part was held in Montreal, Canada. The Kunming Declaration was adopted by over 100 countries.
• The Kunming Declaration was adopted by over 100 countries.
• This framework includes 4 objectives and 23 targets that the world needs to achieve by 2030.