GEF Council Meeting Decides on Climate Change Financing
12 November 2009: The Global Environment Facility (GEF) Council Meeting took place in Washington DC, US, from 10-12 November 2009, and addressed climate change financing, among other issues.
Participants heard a statement by Yolando Velasco, on behalf of Yvo de Boer, UNFCCC Executive Secretary, and Marcia Levaggi, Manager of the Adaptation Fund Board Secretariat. In its decision on the System for a Transparent Allocation of Resources (STAR), the Council agreed that the STAR for the fifth replenishment of resources of the GEF Trust Fund (GEF-5) is to be applied to the focal areas of biodiversity, climate change, and land degradation. The decision on STAR further sets the floor at US$2 million and the ceiling at 11% for climate change.
The Council also: welcomed the GEF's continued support for the principles outlined in the Paris Declaration and the Accra Agenda for Action and encouraged the GEF to participate in ongoing discussions; and approved the work program comprising 34 project concepts worth US$159.29 million, including a GEF Project grant for National Communications to the UNFCCC. [Joint summary of the chairs]