Minsiter for Sustainable Development, Energy, Science and Technology Sen. Dr James Fletcher is set to speak on behalf of the Caribbean at the fifth Global Environment Fund (GEF) Assembly later today (June 29) in Mexico.
The GEF is one of the most important international financing mechanisms for projects aimed at improving the global environment.
Since GEF’s inception, Mexico received $457 million dollars in donations from the GEF to finance 54 projects.
The assembly is the governing body of the GEF and is integrated by its 183 member countries.
In his remarks, Fletcher will reaffirm the Caribbean Constituency`s commitment to and unwavering support for the GEF as the main source of multilateral environmental financing.
According to Fletcher “the creation of the GEF was a significant global achievement. We thank the donor governments for replenishing the GEF Trust Fund, the LDCF and the SCCF. We congratulate the GEF and the donors for a difficult but robust replenishment, which is particularly important in these challenging economic times.”
“It sends a strong positive signal for the protection of the global environment. We would like, of course, to have seen more funds pledged and commend the Governments of Mexico and Brazil for the increase in their contribution,” he said.
The GEF Assembly meeting is held every four years, and serves to review and evaluate general policies and the operational structure of the institution. Previous Assemblies have taken place in India (1998), China (2002), South Africa (2006) and Uruguay (2010).
Since inception, the GEF has allocated an estimated amount of $11.5 billion leveraged with a co-financing of over $57 billion for more than 3,215 projects in 165 emerging countries.
Next Spring, Ministers of State, high-level government delegations, as well as prominent environmentalists, parliamentarians, entrepreneurs, scientists and non-governmental organisations will meet in Cancún to review international environmental challenges for financing projects.