As biodiversity loss accelerated through the 1990s, questions arose about whether international funding was keeping pace with the scale of the crisis. 

The Biodiversity Program Study (2000–2001) analyzed the achievements, impacts, and lessons of GEF biodiversity projects since 1992 to support the Second Overall Performance Study. It reviewed over 200 projects representing US$1.18 billion in GEF financing and $2 billion in co-financing, covering 123 countries and a wide range of ecosystems.

The study finds that GEF biodiversity projects significantly expanded protected area coverage, supported global priority sites and species, and advanced capacity development, but achievements were uneven: nearly half the projects met objectives only partially, and impacts on biodiversity were hard to measure due to limited baseline data.

Stakeholder participation and institutional capacity development were evident in many projects, but sustainability of gains and systematic incorporation of lessons into new projects remain weak.

The study emphasizes that future projects must better address root causes of biodiversity loss, integrate livelihood and tenure concerns, ensure sustainability beyond GEF funding, and strengthen mechanisms for learning and adaptive management.