Global Environment Facility Sparks Wildlife Conservation Revolution with New Bonds

The Global Environment Facility (GEF), the world's oldest multilateral climate fund, is introducing a series of wildlife conservation bonds to protect endangered species and ecosystems in Africa. GEF plans to expand its initiative significantly, building on previous efforts like the rhino bond supported by the World Bank.

In a major bid to conserve African wildlife, Fred Boltz, head of programming at GEF, revealed plans for a country-specific wildlife bond for each of the continent's 54 nations. These bonds, expected to leverage $1.5 billion, aim to target iconic species and entire ecosystems, offering financing solutions to poorer countries without burdening their national budgets.

With a record of $7.7 billion already invested in Africa, GEF is calling on donors to replenish its funds. This funding push comes amid global aid cuts, with GEF striving to maintain its conservation momentum developed since the 1992 Rio Earth Summit, despite financial challenges.

(With inputs from agencies.)