The 50th Global Environmental Facility Council took a step further to help developing countries in meeting the transparency criteria and reporting progress under the Paris Agreement through a new financial initiative.
Considering the fact that many developing countries lack the capabilities to monitor and report the progress concerning their GHG emissions reduction, the GEF Council, held on Tuesday (June 7), established an associate fund to sustain the Capacity Building Initiative for Transparency (CBIT) in strengthening the institutional and technical capacities of developing countries to meet the enhanced transparency requirements in the Paris Agreement.
Donor countries committed to bankroll the fund: the United States with $ 15 million, the UK with £ 10 million, and Canada with CAD $ 10 million. Furthermore Germany, Italy, New Zealand and other countries showed their willing to backing the CBIT trust fund.
The CBIT has been established during COP21 with the aim of strengthening national institutions for transparency-related activities, providing relevant tools, training and assistance for meeting the provisions of Article 13 of the Paris Agreement.
(Image: Posters showcasing GEF’s work at 5th GEF Assembly in Cancun, Mexico 2014. Photo credit: GEF/Flickr)