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At a special meeting of the GEF Council held in Cape Town, August 28, 2006, the GEF received its biggest ever financial boost with 32 governments agreeing to contribute US$ 3.13 billion to finance environmental projects over the next four years.
“This strong show of support from the international donor community is remarkable, and signals firm commitment to protecting the global environment,” said Monique Barbut, GEF CEO and Chairperson commenting on the record replenishment. “We cannot be complacent, and time is not on our side. The global environment is facing unprecedented threats, and these funds have to be translated rapidly into projects, programs and policies that make a difference in developing countries” she added.
The funding comes at a crucial time when fears about environmental and ecological red flags – loss of species and habitats, threats from changing climate, land degradation and desertification, pollution of shared waters, and health hazards posed by persistent organic pollutants – are increasing, and showing worrying signs of stress and severity.
Over a year ago, the Millennium Ecosystem Assessment warned that human activities are “putting such strain on the natural functions of Earth that the ability of the planet’s ecosystems to sustain future generations can no longer be taken for granted.” Similarly, the United Nations has warned that environmental degradation will hamper ongoing efforts by developing nations to achieve the Millennium Development Goals.
“The GEF is a unique facility. It allows the international community to come together and coordinate real solutions for the world’s major environmental concerns. At a time when global ecological challenges need strong multilateral action, this new funding for the GEF will go a long way to provide cohesive and sustainable programs” said Philippe Le Houerou, World Bank Vice President for Concessional Finance and Global Partnerships. “As its trustee, the World Bank looks forward to working with all GEF partners to implement the replenishment.”
The 32 donors to the fourth replenishment are: Australia, Austria, Belgium, Canada, China, Czech Republic, Denmark, Finland, France, Germany, Greece, India, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, New Zealand, Nigeria, Norway, Pakistan, Portugal, Slovenia, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom, and United States. Many donors increased their contribution levels to help achieve a GEF-4 replenishment larger than that of the GEF-3, demonstrating an extraordinary showing of financial support to the GEF. The countries that agreed to provide voluntary supplemental contributions are: Australia, Austria, Belgium, Canada, China, Denmark, Finland, France, Germany, Greece, India, Ireland, Japan, Korea, The Netherlands, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.
Subsequently, the GEF Council expressed “…Appreciation to all donors from developed and developing countries for their generous contributions to the GEF-4 replenishment which is the highest level of resources committed to the GEF for a replenishment period. The strong replenishment is recognition of the importance of the GEF as a mechanism to address global environmental issues and will enable the GEF to fulfill its roles as the, or a, financial mechanism to the global environmental agreements.”
The GEF Trust Fund is replenished once every four years.
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