The United Nations Biodiversity Conference COP17 has received a significant financial boost, with governments announcing new pledges to the Global Biodiversity Framework Fund (GBFF) and the Global Environment Facility (GEF) to accelerate global efforts to protect nature and restore ecosystems.

During Finance Day at the Convention on Biological Diversity's 17th Conference of the Parties (COP17) in Yerevan, national and subnational governments pledged $60 million to the GBFF.

The funding will support countries and communities in conserving and restoring biodiversity, protecting wild species and ensuring the long-term sustainability of ecosystems.

Additional commitments to the GEF's ninth replenishment (GEF-9) included €50 million from Spain and $4.5 million from Uzbekistan.

The United Kingdom also reaffirmed its £330 million contribution, bringing total GEF-9 pledges close to $4.4 billion for the July 2026 to June 2030 period.

Representatives from Armenia, host of COP17, joined Germany, Iceland, Monaco, Canada's province of Québec and the city of Berlin in announcing contributions to the biodiversity fund.

The pledging session brought together governments, Indigenous Peoples and local communities (IPLCs), implementing agencies, philanthropic organisations and private-sector representatives.

Diego Mesa Puyo, GEF CEO and Chairperson, said the pledges demonstrated a strong commitment to translating environmental ambitions into action. He noted that the additional resources would help integrate environmental protection with development priorities, mobilise private investment and accelerate results at scale.

Astrid Schomaker, Executive Secretary of the Convention on Biological Diversity, described the GBFF as an important mechanism for turning the Kunming-Montreal Global Biodiversity Framework into practical action. She highlighted the growing support for biodiversity financing, including multi-year commitments and the fund's first contribution from a city.

COP17 President and Armenian Environment Minister Hambardzum Matevosyan welcomed the financial commitments, emphasising the role of multilateral cooperation in implementing the global biodiversity framework. Armenia has also initiated preliminary internal discussions on a possible contribution to support these efforts.

Established in August 2023, the GBFF has received $446 million in commitments from 14 sovereign governments and two subnational governments. Over three years, $362.1 million has been allocated to 82 projects across 87 countries, including 47 Small Island Developing States and Least Developed Countries.

The fund supports countries in strengthening biodiversity management, policy development, governance and resource mobilisation. It also promotes blended finance to attract private-sector investment. Its allocations have exceeded three key targets, with 32% directed towards supporting IPLCs, 39% allocated to Small Island Developing States and Least Developed Countries, and 30% channelled through international financial institutions.

Created at the request of parties to the Convention on Biological Diversity, the GBFF features streamlined procedures and expanded governance arrangements to improve access to funding for developing countries. It can receive contributions from public, private and philanthropic sources.

Meanwhile, the GEF approved $4.64 billion for 649 projects across 144 countries during its eighth replenishment period, from July 2022 to June 2026, supporting implementation of the Kunming-Montreal Global Biodiversity Framework.

The latest pledges underscore growing international momentum to close biodiversity financing gaps and strengthen efforts to protect ecosystems, species and communities worldwide. -TradeArabia News Service