Nigeria to benefit from N692bn facility to tackle degradation

GEF, in a statement made at the just ended Fourth Meeting for the Sixth Replenishment of GEF Trust Fund, stated that the funding would support projects in over 140 countries to tackle a broad range of threats to the global environment. These threats include climate change, deforestation, land degradation, extinction of species, toxic chemicals and […]

GEF, in a statement made at the just ended Fourth Meeting for the Sixth Replenishment of GEF Trust Fund, stated that the funding would support projects in over 140 countries to tackle a broad range of threats to the global environment.
These threats include climate change, deforestation, land degradation, extinction of species, toxic chemicals and waste, and threats to oceans and freshwater resources.
The GEF is the main global mechanism to support developing countries’ (including Nigeria) to take action to fulfill their commitments under the world’s major multilateral environmental agreements (MEAs), including the Convention on Biological Diversity (CBD).
Braulio Ferreira de Souza Dias, CBD Executive Secretary, said:  “This is a significant development. We welcome the efforts of the GEF Secretariat and the commitments of donor governments to replenish the GEF capital and thus allow the GEF to continue to serve as the financial mechanism of the CBD and other MEAs. This will ensure that the GEF maintains its support for developing countries and countries with economies in transitions to support the implementation of their commitments under the CDB, in particular the Strategic Plan for Biodiversity for 2011-2020 and its 20 Aichi Biodiversity Targets, and the updated national biodiversity strategies and action plans and associated national targets.
“However, this still serves as a reminder that donor countries failed to fulfil the target set at the Eleventh meeting of the Conference of the Parties (COP 11) in Hyderabad, India, to double the international financial flows by 2015 relative to the 2006-2010 average.
“This means that we have missed the opportunity to significantly increase the investment on biodiversity to increase the efforts for achieving the implementation of the Aichi Targets.” This limited effort of multilateral funding, which represents a 30 per cent increase over the baseline of 2006-2010, puts undue pressure on bilateral funding, domestic funding and private funding to compensate for this shortcoming to meet the estimated funding gap if we hope to achieve the agreed Aichi Targets by 2020.”
The conservation, restoration and sustainable use of biodiversity can provide solutions to a range of societal challenges. For example, protecting ecosystems and ensuring access to ecosystem services by poor and vulnerable groups are an essential part of poverty eradication.
 Failing to pay due attention to the global biodiversity agenda risks compromising the capacity of countries to eradicate poverty and to enhance human well-being, as well as their means to adapt to climate change, reduce their vulnerability to extreme natural disasters, to ensure food security, to ensure access to water and to promote access to health.