A fresh injection of $4.1 billion from the international community has been made available to help prevent biodiversity loss and reduce greenhouse gas emissions.
The money will be used by the Global Environment Facility (GEF), a fund to support developing countries meet their environmental goals.
Close to 30 donor countries took part in a closed meeting in Stockholm this week to discuss the level of funding to be made available over the next four years.
The organisation’s broad remit includes projects to tackle marine plastic pollution, support renewable energy, build sustainable cities, and develop stronger forest management.
“We are pleased with the outcome of the negotiations; It is entirely in line with government priorities,” said Isabella Lovin, Deputy Prime Minister and Climate Minister of Sweden. “Also, the Fund’s working methods have been further strengthened, giving it more of a strategic climate focus and increased resources, including for biodiversity, chemicals and waste.”
The current funding round, covering the period from 2019 to 2022 is slightly down on the record high of $4.43 billion achieved in 2014. Despite this, the new agenda has increased the amount of carbon emissions which should be reduced from GEF projects, and strengthened biodiversity targets.
“A clear majority of donors have stepped up their support for the GEF, signalling the urgency of the global environmental agenda, and trust in the GEF to help tackle the problem and achieve even greater results,” said Naoko Ishii, GEF CEO and Chairperson. “We need to forge the partnerships that will help transform the food, urban and energy systems in an integrated way,” she said.
The GEF brings together 183 countries, UN agencies, and major development banks, among others, to tackle the world’s most pressing environmental problems.
Since its inception in 1992, the fund has provided over $17 billion in grants to environmental projects around the world.