Playing a crucial role to mitigate climate change and other environmental challenges across the globe, India on Tuesday announced it will increase for the next four years the money it pays to the Global Environment Facility (GEF), a mechanism to provide grants for environmental projects.
The GEF Council is meeting two months after governments, in a demonstration of confidence, approved a $4.1 billion replenishment of GEF-7. GEF, established on the eve of the 1992 Rio Earth Summit to help tackle the planet’s most pressing environmental problems, has provided $17.9 billion in grants and mobilized an additional $93.2 billion in financing for more than 4,500 projects in 170 countries.
India, among the world’s most vulnerable countries to climate change, is both a donor and a recipient of GEF, an international partnership of 183 countries. The GEF Council will be followed by the sixth GEF Assembly (June 27-28), which meets every four years, and is expecting 1,200 participants, including heads of state, environment ministers, UN, NGO and business leaders.
The Global Environment Facility was established on the eve of the 1992 Rio Earth Summit to help tackle our planet’s most pressing environmental problems.
It is an international partnership of 183 countries, international institutions, civil society organizations and the private sector that addresses global environmental issues.
GEF funds are available to developing countries and countries with economies in transition to meet the objectives of the international environmental conventions and agreements.
The World Bank serves as the GEF Trustee, administering the GEF Trust Fund.
It is a FINANCIAL MECHANISM for five major international environmental conventions: the Minamata Convention on Mercury, the Stockholm Convention on Persistent Organic Pollutants (POPs), the United Nations Convention on Biological Diversity (UNCBD), the United Nations Convention to Combat Desertification (UNCCD) and the United Nations Framework Convention on Climate Change (UNFCCC).