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GEF Council approves $916 million for urgent environmental action
The Global Environment Facility’s 186 member governments on Monday allocated $916 million for international action on biodiversity, climate change, nature renewal, and pollution control, and advanced five Integrated Programs designed to tackle complex challenges in their entirety.
The GEF Council, meeting in Washington DC, approved funding for 45 projects and programs, including four blended finance initiatives involving the private sector. The support will directly help more than 12 million people, including Indigenous Peoples and local communities.
Highlights from day 1 of the 66th GEF Council meeting
On its opening day, the 66th meeting of the Global Environment Facility Council approved the second largest work program in GEF history, covering climate, biodiversity, land degradation, international waters, and chemicals and waste focal areas, with a total $916.1 million, and is expected to generate $7.53 billion in co-financing. It will bring GEF-8 programming to almost 50% at the 38% timeline of the eighth cycle.
Sustainable Cities: for People and Planet
The rapid transformation of the world through urbanization has been a defining feature of the last century. This shift has elevated cities into economic powerhouses that foster innovation, economic development, and social interactions. However, this has come at a cost: often prioritizing immediate economic gains, the fast and unplanned expansion of cities around the world has created a variety of challenges that have a negative impact on both people and the environment, significantly contributing to the intensification of the global climate and biodiversity crises.
GEF family of funds set for ambitious investments in nature
The Global Environment Facility’s governing board will start 2024 with decisions on more than $1 billion in funding for climate change adaptation, biodiversity, ocean health, pollution control, and more, as the GEF family of funds continues to expand the support it provides across multiple international environmental conventions.
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