The Global Environment Facility Council met for the first Global Biodiversity Framework Fund (GBFF) Council. During the session, the Council approved the GBFF Project Cycle Policy providing for a streamlined project cycle for all GBFF projects, and the FY24 and FY25 administrative budget and business plan vis-à-vis the Fund. The decision on the GBFF Project Cycle Policy approves a streamlined project cycle tailored to the guidance from the Conference of Parties of the Convention on Biological Diversity (CBD) and the programming directions provided by the GEF Council in June 2023. In a nutshell, GEF Implementing Agencies will have nine months from GEF CEO endorsement of a project preparation grant to fully prepare projects. Projects by the GEF Secretariat can be included in work programs to be approved by the GBFF Council. Projects with comments from the CBD Secretariat, GBFF Council members, or the GEF Scientific and Technical Advisory Panel (STAP) will have three months to address them.