Abstract:

Background & Aims: This study aims to address the critical gap in the implementation of the Convention on Biological Diversity (CBD) by systematically analyzing the structural deficiencies of the existing financial mechanism centered on the Global Environment Facility (GEF). It seeks to develop and rigorously evaluate alternative options for a new financial mechanism that operates under the authority of the Conference of the Parties (COP), as mandated by Article 21 of the Convention. The primary objective is to provide a robust, evidence-based framework to inform the ongoing international negotiations, particularly following the impasse at COP17. 

Method: The research employs a qualitative comparative policy analysis, grounded in the negotiation progress of CBD, in which the author was directly involved. A structured multi-criteria assessment framework was developed, evaluating proposed mechanisms against eight key dimensions: legal coherence with the CBD, governance effectiveness, financial sustainability, operational efficiency, accessibility for Least Developed Countries, inclusivity, political acceptability, and implementation feasibility. 

Results: The analysis confirms significant structural flaws in the interim GEF arrangement, including a governance misalignment with the COP, complex access procedures, and limited recipient country ownership. Three distinct alternative models were formulated and assessed: Establishing a new Global Biodiversity Fund demonstrates high legal coherence and long-term effectiveness but faces substantial political and implementation hurdles; Deeply reforming the existing GEF offers practical feasibility but yields uncertain and potentially limited outcomes in addressing core governance issues; A hybrid transitional mechanism within the GEF structure emerges as the most viable compromise, balancing political acceptability with a meaningful step toward a more accountable and accessible system. 

Conclusion & Recommendation: The study concludes that a hybrid transitional mechanism represents a possible viable pathway for breaking the current negotiation deadlock. It provides a concrete foundation for a consensus at COP17 while establishing a clear trajectory for future evolution. The findings underscore that the design of any new financial mechanism must strategically balance legal ideals with political and operational realities. This research provides a critical technical foundation for Parties to make informed decisions, ultimately supporting the establishment of a fair, efficient, and effective financial mechanism for implementing the Kunming-Montreal Global Biodiversity Framework.

Key words: Convention on Biological Diversity, financial mechanism, Global Environment Facility, resource mobilization, KMGBF