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UNFCCC Publishes EU Submission on Financial Mechanisms

UNFCCC4 November 2009: The UNFCCC Secretariat has published a submission by the EU on the operation of funds under the Global Environment Facility (GEF), the Special Climate Change Fund (SCCF), and the Least Developed Countries Fund (LDCF) to inform the review of the financial mechanism by the 31st session of the Subsidiary Body for Implementation (SBI) in Copenhagen (FCCC/SBI/2009/MISC.10).

 The submission highlights the role of the GEF, as a key part of the financial architecture to be agreed upon at Copenhagen. The EU underscores its prioritized support to developing countries, particularly the least developed countries (LDC) and small island developing States (SIDS), and notes the impacts of the activities of the GEF. The EU suggests the GEF could publish additional information on project progress and that the efficiency of the financial architecture in Copenhagen would be hindered by a proliferation of new instruments. The submission is supported by Albania, Croatia, the Former Yugoslav Republic of Macedonia, Montenegro and Serbia. [Submission]