The Global Environment Facility [GEF] is a multilateral financial agency that offers permission to create projects that help the country's global environment and fosters endurable livelihoods in regional communities. It was built in 1992 on the eve of the Rio Earth Summit to handle the planet's most crucial environmental issues.
Global Environment Facility [GEF] - 6 Target Areas
The significant topics it targets include-
- Ozone depletion
- Land degradation
- Climate modification
- Ongoing organic pollutants
- International waters
About the Global Environment Facility [GEF]
Global Environment Facility [GEF] is an independently working financial organisation. It was established as a fund in 1991 under the World Bank and is based in Washington DC, USA.
Later, in 1994 it changed, and World Bank became the trustee of the GEF trust fund and rendered administrative assistance. It is a partnership of 18 agencies, such as international NGOs, United Nations agencies, national entities, etc., to address some of the world's most challenging issues.
GEF backs an active portfolio of more than 200 investments worldwide. You will be glad that know that India is a donor and receiver of this well-known platform.
Financial Mechanisms supported by the Global Environment Facility [GEF]
Here is the list of financial mechanisms which the Global Environment Facility [GEF] supports-
- Minamata Convention on Mercury
- UN Convention to Combat Desertification
- Routine on Biological Diversity
- Stockholm Convention on Continuous Organic Pollutants
- United Nations Framework Convention on Climate modification.
The working style of the Global Environment Facility [GEF]
Global Environment Facility [GEF] has become an international collaboration of 183 countries, civil society associations, the private sector, and international organisations addressing global environmental issues.
They work as a pioneer and synergist with the help of support of multi-stakeholder alliances for saving endangered ecosystems on land and in oceans. In addition, they strive hard to make the cities greener, increase food security and push for a more flourishing and climate-resilient world.
Updates on the Global Environment Facility [GEF] and India
India plays a vital role in the Global Environment Facility [GEF]; as mentioned above, it is both a donor and receiver.
In India, GEFs political focal point is the Finance Ministry, and Environment Ministry is the operational focal point.
In the Executive Council of the GEF, a few countries: India, Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka, have made a permanent constituency.
Global Environment Facility [GEF] funds India to work in three areas primarily
- climate evolution
- land degradation
FAQs on Global Environment Facility [GEF]
Q1. What does the Global Environment Facility [GEF] trust fund mean?
The Global Environment Facility [GEF] trust fund was created to handle the planet's most challenging environmental issues. Funds are provided majorly to the developing countries to meet the manifesto of international agreements.
Q2. What are the 18 agencies that manage the projects for the Global Environment Facility [GEF]?
The Global Environment Facility [GEF] works with the 18 agencies mentioned below -
- African Development Bank
- West African Development Bank
- Asian Development Bank
- European Bank for Reconstruction and Development
- International Union for Conservation of Nature
- World Wildlife Fund
- Food and Agriculture Organization
- International Fund for Agricultural Development
- Inter-American Development Bank
- United Nations Development Programme
- Conservation International
- United Nations Environment Programme
- World Bank Group
- United Nations Industrial Development Organization
- Development Bank of Latin America
- Foreign Economic Cooperation Office
- Development Bank of Southern Africa
- Brazilian Biodiversity Fund
Q3. What is the primary objective of the Global Environment Facility [GEF]?
The key focus of the Global Environment Facility [GEF] is to ensure a sustained impact on the environment by maintaining harmonious relations between a group of countries and other partners, including NGOs in the Private Sector, the Scientific Community, and Non-Profit Organisations (NGOs).
Q4. Who funds the Global Environment Facility [GEF]?
All the participant donor countries in the Global Environment Facility [GEF] provide GEF funding to meet the international environmental agreements and conventions.