The United States contributes funding to various international
financial institutions to assist developing countries to address
global climate change and other environmental concerns. Congress is
responsible for several activities in this regard, including (1)
authorizing periodic appropriations for U.S. financial
contributions to the institutions, and (2) overseeing U.S.
involvement in the programs. Issues of congressional interest
include the overall development assistance strategy of the United
States, U.S. leadership in global environmental and economic
affairs, and U.S. commercial interests in trade and investment.
This report provides an overview of one of the oldest international
financial institutions for the environment-the Global Environment
Facility (GEF)-and analyzes its structure, funding, and objectives
in light of the many challenges within the contemporary landscape
of global environmental finance. GEF is an independent and
international financial organization that provides grants, promotes
cooperation, and fosters actions in developing countries to protect
the global environment. Established in 1991, it unites 182 member
governments and partners with international institutions,
nongovernmental organizations, and the private sector to assist
developing countries with environmental projects related to six
areas: biodiversity, climate change, international waters, the
ozone layer, land degradation, and persistent organic pollutants.
GEF receives funding from multiple donor countries-including the
United States-and provides grants to cover the additional or
"incremental" costs associated with transforming a project with
national benefits into one with global environmental benefits. In
this way, GEF funding is structured to "supplement" base project
funding and provide for the environmental components in national
development agendas. GEF partners with several international
agencies, including the International Bank for Reconstruction and
Development, the United Nations Development Program (UNDP), and the
United Nations Environment Program (UNEP), among others, and is the
primary fund administrator for four Rio (Earth Summit) Conventions,
including the Convention on Biological Diversity (CBD), the United
Nations Framework Convention on Climate Change (UNFCCC), the
Stockholm Convention on Persistent Organic Pollutants (POPs), and
the United Nations Convention to Combat Desertification (UNCCD).
GEF also establishes operational guidance for international waters
and ozone activities, the latter consistent with the Montreal
Protocol on Substances that Deplete the Ozone Layer and its
amendments. Since its inception, GEF has allocated $11.5
billion-supplemented by more than $57 billion in cofinancing-for
more than 3,200 projects in over 165 countries. GEF is one
mechanism in a larger network of international programs designed to
address the global environment. Accordingly, its effectiveness
depends on how the fund addresses programmatic issues, builds upon
national investment plans, reacts to recent developments in the
financial landscape, and responds to emerging opportunities.
Critics contend that the existing system has had limited impact in
addressing major environmental concerns-specifically climate change
and tropical deforestation-and has been unsuccessful in delivering
global transformational change. A desire to achieve more immediate
impacts has led to a restructuring of the Multilateral Development
Banks' (MDBs') role in environmental finance and the introduction
of many new bilateral and multilateral funding initiatives. The
future of GEF remains in the hands of the donor countries,
including the United States, which can choose to broaden the
mandate and/or strengthen its institutional arrangements or reduce
and replace it by other bilateral or multilateral funding
mechanisms.
General
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