50th GEF Council opens with strong support for strategic direction
Washington, DC – June 7 2016 - To help developing countries monitor and report progress in a transparent manner under the Paris Climate Agreement, a new financial initiative and an associated trust fund was approved today by the Global Environment Facility (GEF) Council.
Set up in response to a Paris Agreement decision, the Capacity Building Initiative for Transparency (CBIT) trust fund will help countries in their efforts to build institutional and technical capacity for meeting enhanced transparency of action and support needs.
Many developing countries still lack the necessary capacity to effectively monitor and report their progress vis-à-vis national greenhouse gas emission reduction, and track progress made in the implementation of their Nationally Determined Contributions, or NDCs.
“The Paris Climate Agreement represented a watershed moment for the global commons,” said Naoko Ishii, GEF CEO and Chairperson. “One key success factor to the Agreement is its bottom-up approach, building on countries’ INDCs. Transparency of reporting is the linchpin to the credibility of, and mutual confidence in, the agreement.”
Addressing the 50th GEF Council meeting here today, Ishii said, “I am honored that countries have put their trust in the GEF to take on this important task. We are fully committed to support the CBIT, which I believe is key to ensure the success of the Paris Agreement. I also want to express my appreciation to donor countries, who are considering to make voluntary contributions, and to the recipient countries, who are committed to start implementing the CBIT.”
A number of donor countries have expressed their support for the new fund, including pledges of USD $15 million from the United States, £10 million from the United Kingdom, and CAD $5 million from Canada. Others, including Germany, Italy and New Zealand have also confirmed their intention to announce pledges of support in the near future. The World Bank has been invited to serve as the Trustee for the CBIT Trust Fund.
“Transparency is a bedrock of the Paris Agreement. The United States recognizes that an enhanced transparency system will require greater efforts from all countries,” said U.S. Special Envoy for Climate Change Jonathan Pershing. “Our $15 million pledge is an indication of our strong commitment to building developing countries’ institutional and technical capacity to meet these enhanced transparency requirements.”
COP21 in Paris last December requested the GEF to support the establishment and operation of the CBIT as a priority reporting-related need, including through voluntary donor contributions. The aims of the CBIT are to strengthen national institutions for transparency-related activities in line with national priorities, to provide relevant tools, training and assistance for meeting the provisions stipulated in Article 13 of the Paris Agreement, and to assist in the improvement of transparency over time.
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