Global Environment Facility (GEF): India increases grant from $12 million to $15 million
India announced to increase its grant to Global Environment Facility’s (GEF) new four-year investment cycle, known as GEF-7 from $12 million to $15 million. It was announced at the GEF Council meeting held at Da Nang, Vietnam and approved a $4.1 billion replenishment of GEF-7.
With India’s increased financing commitment, it is playing crucial role to mitigate climate change and other environmental challenges across the globe. India is among the world’s most vulnerable countries to climate change, is both donor and recipient of GEF.
India has been a leading developing country participant in GEF since its inception and has played a major role in shaping GEF. India is both donor and recipient of GEF.
The GEF meeting Council will be followed be sixth GEF Assembly (June 27-28), which meets every four years. It is expecting 1,200 participants, including heads of state, environment ministers, United Nations (UN), NGOs and business leaders.
Global Environment Facility (GEF)
GEF is multilateral financial mechanism that provides grants to developing countries for projects that benefit global environment and promote sustainable livelihoods in local communities. It was established on the eve of 1992 Rio Earth Summit to help tackle our planet’s most pressing environmental problems
It addresses six designated focal areas: biodiversity, climate change, international waters, ozone depletion, land degradation and Persistent Organic Pollutants. It unites 183 countries in partnership with international institutions, civil society organizations (CSOs), and private sector to address global environmental issues.
It is based in Washington DC, United States. Since its inception, GEF has provided $17.9 billion in grants and mobilised an additional $93.2 billion in financing for more than 4,500 projects in 170 countries. GEF also serves as financial mechanism for following conventions:
- Convention on Biological Diversity (CBD)
- United Nations Framework Convention on Climate Change (UNFCCC)
- UN Convention to Combat Desertification (UNCCD)
- Stockholm Convention on Persistent Organic Pollutants (POPs)
- Minamata Convention on Mercury
The GEF, although not linked formally to Montreal Protocol on Substances that Deplete Ozone Layer, supports its implementation in countries with economies in transition.
Month: Current Affairs - June, 2018