Gefs Exposure In Domestic Projects At $567.51 Million

Global Environment Facilitys (GEF) exposure in domestic projects has risen to $567.51 million. This is expected to increase further on conclusion of the second replenishment talks, currently on in Paris.

Of the total exposure, GEF grants comprise $125.01 million and co-financing money $442.5 million towards the 10 environmental projects currently under implementation.

GEF is a strategic partnership between the United Nations Development Programme, United Nations Environment Programme and the World Bank. The multilateral financing mechanism provides assistance to environmental projects.

Areas covered by it include control of emissions that cause climate change, developing substitutes for substances depleting the ozone layer, work related to conserving and sustaining biodiversity besides protection of international waters.

 

Since its inception in 1991, the GEF has committed $1.8 billion in grant funding to more than 440 projects in 110 countries, apart from leveraging about $5 billion by way of co-financing.

The Fund received the first replenishment of $2 billion in 1994 for a four-year period.

The inaugural ministerial level meeting of the GEF assembly is scheduled to be held in Delhi for three days from April 1. It is expected to address issues such as the GEFs role vis a vis global warming, biodiversity, deforestation and the state of the oceans. In addition to the general assembly, the body has a governing council which meets twice a year. Environmental experts, government representatives and non-governmental organisations will also take part.