The 32-member Council will consider a new work program under the GEF’s eighth replenishment cycle (GEF-8) totaling over USD 550 million, which is expected to generate over USD 4 billion in co-financing for projects benefitting people and the planet.

Despite long hours of difficult negotiations and progress on streamlining ideas and trying to bridge the gap between countries, delegates could not reach agreement on a new treaty to end plastic pollution. They agreed to suspend the session and reconvene in 2025.

The adoption in June 2023 of the Biodiversity Beyond National Jurisdiction (BBNJ) Agreement signified a change in tides, not only for ocean governance in areas beyond national jurisdiction, but also for biodiversity conservation. With the expectation that the implementation of the Kunming-Montreal Global Biodiversity Framework (GBF) and ratification of the BBNJ Agreement will soon come into fruition, stakeholders are becoming increasingly aware of the possible opportunities and challenges that it may bring. This side event considered how the BBNJ Agreement can work in synergy with efforts undertaken by the Convention on Biological Diversity (CBD), including the GBF.