On its opening day, the 66th meeting of the Global Environment Facility Council approved the second largest work program in GEF history, covering climate, biodiversity, land degradation, international waters, and chemicals and waste focal areas, with a total $916.1 million, and is expected to generate $7.53 billion in co-financing. It will bring GEF-8 programming to almost 50% at the 38% timeline of the eighth cycle.
The Council also considered ways to streamline the GEF project cycle, discussed tracking and measuring socioeconomic co-benefits from investments, and reviewed and welcomed the GEF Monitoring Report 2023.