Statement on the Agenda Item 5, Financial Mechanism; Subsidiary Body for Implementation (SBI), Twenty-Ninth SessionDelegation of the United States
Statement at the FourteenthSession of the Conference of the Parties to the UN Framework Convention on Climate Change
December 2, 2008
Thank you, Mr. Chairman.
The Global Environment Facility is making an important contribution to our implementation of the Convention. We appreciate the start of talks on a potential new replenishment of the GEF Trust Fund.
Our role here is not to determine the outcome of those replenishment negotiations. COP input should not prejudice or prejudge the amount that may be pledged.
Our role is to assess mitigation and reporting financing needs for the implementation of the Convention.
What’s important is that given the scale of the challenge, we will need to mobilize multiple sources of funding –with tools that are inside and outside the Convention.
The Secretariat has provided us reports that will be very useful in detailing both the challenge and the range of potential funding sources that might be mobilized.
Because there are multiple financing tools, we believe it is important for us to consider the GEF’s comparative advantages in relation to other mechanisms.
These include tapping into the expertise and co-financing potential of the Implementing Agencies, catalyzing the implementation of mitigation projects in countries or sectors that are perceived as unattractive by the private sector, and helping countries improve policy frameworks and enabling environments. We know the GEF also has strengths in helping countries meet reporting requirements.
A replenished GEF might focus on activities that draw on these strengths, as well as help developing countries establish baselines and institutional capacity that will enable them to access financial flows from international market mechanisms
Finally, Mr. Chairman, as we consider the GEF’s comparative advantages, we think it would be helpful to think about the policies, program priorities, and eligibility criteria for GEF funding.
Financial and technical capacities have changed dramatically since the GEF was first launched.
We would ask whether priorities and criteria might be updated to better build on the growing indigenous capabilities and resources of a number of emerging economies.Thank you Mr. Chairman.