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Highlights from day 4 of the 66th GEF Council meeting
On Thursday, the Global Environment Facility Council, meeting as the Least Developed Countries Fund (LDCF)/Special Climate Change Fund (SCCF) Council, approved one of the largest LDCF/SCCF work programs ever. In his opening remarks to the LDCF/SCCF Council, GEF CEO and Council Co-Chair Carlos Manuel Rodríguez emphasized the importance of these two GEF adaptation funds to build resilience and adaptation in the world’s most vulnerable countries. They also met as the first Global Biodiversity Framework Fund (GBFF) Council and approved GBFF’s Resource Allocation Policy.
Summary of the 66th GEF Council meeting
On its final day, the Global Environment Facility Council, meeting as the first Global Biodiversity Framework Fund (GBFF) Council, completed the work needed to make the GBFF operational in the upcoming weeks. The Council approved the GBFF Project Cycle Policy providing for a streamlined project cycle for all GBFF projects, and the FY24 and FY25 administrative budget and business plan vis-à-vis the Fund.
Highlights from day 1 of the 66th GEF Council meeting
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.
Climate finance: the role of the climate funds in supporting developing countries
Climate finance must be increased to meet the global climate challenge so that developing countries can increase the ambition of their responses. This event highlighted a new joint declaration from the four multilateral climate funds - the Adaptation Fund, the Climate Investment Funds, the Global Environment Facility, and the Green Climate Fund - that emphasizes their commitment to develop an ambitious and concrete action plan to enhance access to climate finance and increase the collective impact of their actions.