Why in the News?
The Global Environment Facility approved US$52.8 million for four new projects led by the United Nations Environment Programme at its 70th Council meeting.
About Global Environment Facility
- A multilateral environmental financing mechanism
- Provides grants and blended finance to developing countries and economies in transition
- Supports projects that deliver global environmental benefits
Establishment
- Established in 1991
- Created ahead of the 1992 Rio Earth Summit
Objectives
- Support country driven projects with global environmental benefits
- Integrate action on climate change, biodiversity, land degradation, oceans, chemicals and pollution
- Strengthen environmental governance while promoting sustainable development
Conventions for Which GEF Serves as Financial Mechanism
- Convention on Biological Diversity
- United Nations Framework Convention on Climate Change
- United Nations Convention to Combat Desertification
- Stockholm Convention on Persistent Organic Pollutants
- Minamata Convention on Mercury
- Biodiversity Beyond National Jurisdiction Agreement
Significance
- Largest source of multilateral biodiversity funding globally
- More than US$26 billion provided in grants
- Over US$153 billion mobilised in co financing
- Active in more than 160 countries
- Contributes to environmental protection along with livelihood improvement
Prelims Pointers
- GEF predates the Rio Earth Summit
- Serves as a financial mechanism for multiple multilateral environmental agreements
- Works closely with UN agencies including UNEP
- Focuses on projects with global environmental benefits
| [2014] With reference to ‘Global Environment Facility’, which of the following statements is/are correct?
(a) It serves as financial mechanism for ‘Convention on Biological Diversity’ and ‘United Nations Framework Convention on Climate Change’ (b) It undertakes scientific research on environmental issues at global level (c) It is an agency under OECD to facilitate the transfer of technology and funds to underdeveloped countries with specific aim to protect their environment (d) Both (a) and (b) |
