Global Environment Facility (GEF)
The Global Environment Facility (GEF), established in 1991, is an independent financial mechanism for providing new and additional grants and concessional funding to cover the “incremental” or additional costs of measures to assist in the protection of the global environment and to promote environmental sustainable development. Today, the GEF is the largest funder of the global environment challenge and a global partnership among 180 countries, international institutions, non-governmental organizations (NGOs), and the private sector to address global environment issues while supporting national sustainable development initiatives. The GEF provides grants for projects related to six focal areas: (i) biodiversity, (ii) climate change, (iii) international waters, (iv) land degradation, (v) the ozone layer, and (vi) persistent organic pollutants (POPs).
The GEF also serves as financial mechanism for the following four conventions: (i) Convention on Biological Diversity (CBD), (ii) United Nations Framework Convention on Climate Change (UNFCCC), (iii) Stockholm Convention on Persistent Organic Pollutants (POPs), and (iv) UN Convention to Combat Desertification (UNCCD). As the financial mechanism for the four international environmental conventions, the GEF helps fund initiatives that assist developing countries in meeting the objectives of the conventions.
Since 1994, the World Bank, one of the founding partners of the GEF, has served as the Trustee and administrator of the GEF Trust Fund. The World Bank also serves as one of 10 implementing agencies for GEF-financed projects. The GEF also operates two other Funds-Least Developed Countries Fund for Climate Change (LDCF) and the Special Climate Change Fund (SCCF), which were established by the Conference of the Parties (COP) to the UNFCCC.
CFPMI serves as the GEF Trustee and as such is accountable to the GEF Council for the performance of its fiduciary responsibilities. The Trustee provides a range of standard services to the GEF Trust Fund and to the GEF Secretariat. These services are broadly defined in the instrument and fall into the following categories: (i) financial and risk management; (ii) cash flow management; (iii) management of GEF partner relationships and transactions; (iv) accounting and bi-annual reporting to the GEF Council; (v) committing and disbursing trust fund resources and (vi) IT infrastructure and system development.