Global Environment Facility Plans Expansion of Wildlife Bonds Across Africa

 The Global Environment Facility (GEF), the world’s oldest multilateral climate fund, is set to launch a new wave of wildlife conservation bonds aimed at bolstering efforts to protect endangered species and ecosystems across Africa.

These innovative financial instruments—first piloted in 2022 with the World Bank-backed "rhino bond"—offer low-cost funding in exchange for measurable conservation outcomes, such as reducing poaching. Since then, similar initiatives have emerged, including a chimpanzee-focused project in Rwanda and, more recently, a lemur conservation bond approved for Madagascar.

Fred Boltz, Head of Programming at the GEF, announced on the sidelines of a recent meeting of African environment ministers that the organization envisions developing a dedicated wildlife bond for each of the continent’s 54 nations. This ambitious initiative would involve an initial investment of $150 million by the GEF, to be leveraged tenfold—ultimately mobilizing up to $1.5 billion for conservation projects.

Crucially, funds raised through wildlife bonds typically do not appear on the balance sheets of beneficiary governments, allowing for much-needed financial flexibility in lower-income countries. These bonds often focus on iconic species to attract impact investors and philanthropic capital, with repayment terms tied directly to the success of conservation efforts: the more effective the outcomes, the lower the financial burden on host governments.

Boltz noted that the GEF now aims to broaden the scope of these instruments to encompass entire ecosystems, such as wetlands, rather than focusing solely on individual species.

This strategic expansion comes at a time of growing uncertainty in global development financing, particularly amid cuts to aid budgets by the United States and other major donor countries. “Many nations are expressing concern that, given the current challenges in official development assistance, maintaining the previous replenishment levels may be difficult,” Boltz said. “We may need to find ways to do more with less.”

Since its inception following the 1992 Rio Earth Summit, the GEF has invested approximately $7.7 billion across Africa, including notable initiatives such as an $85 million program to combat desertification in the Sahel region. The fund is currently seeking donor commitments for its next four-year programming cycle, which begins next year.

The most recent replenishment round raised $5.3 billion—a 30% increase over the previous cycle—reflecting growing international momentum toward meeting biodiversity and climate goals. Contributions came from 29 countries, with the United States among the top donors, pledging $700 million.