Egypt, Global Environment Facility Engage in Talks Over Funding Matters

Photo : Egypt Media Office

Egypt’s Environment Minister, Yasmine Fouad, engaged in discussions with Carlos Manuel Rodriguez, CEO of the Global Environment Facility (GEF), focusing on enhancing biodiversity funding mobilization. Their talks centered around the GEF’s crucial role as a primary funding mechanism for the three Rio Conventions, especially in light of the facility’s ongoing internal reform processes.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel 

These discussions took place during Minister Fouad’s participation in the Conference of the Parties to the United Nations Convention on Biological Diversity (COP16) held in Colombia. During the conference, Fouad highlighted the pressing need to reform the global funding system to better support developing countries and sustainable development initiatives.

"A country like Costa Rica, despite its wealth of biodiversity and potential for economic and social advancement, receives minimal funding," she pointed out. This serves as a case in point for the disparities in funding distribution and the importance of addressing these imbalances.

Fouad emphasized Egypt’s commitment to meeting its international environmental obligations, despite the financial burdens faced by its economic system. She reiterated that countries like Egypt are striving to fulfill these commitments while advocating for more equitable funding mechanisms.

During her meeting with representatives of the African group, the significance of the GEF was underscored. The GEF manages financial resources provided by developed nations and operates under a reliable system that supports multiple environmental conventions, including the Rio Conventions as well as initiatives focused on water and chemicals. However, she noted that specific funding mechanisms often exist for individual conventions.

Looking ahead, Minister Fouad expressed hope that COP16 would lead to the issuance of a decision to assess the GEF as a financing mechanism over the next two years. This evaluation could pave the way for better financial support structures within the biodiversity framework.

Furthermore, the Minister discussed the potential for bolstering the GEF's role within the Kunming Biodiversity Fund, aiming to secure funding for developing countries to effectively implement global biodiversity strategies. Egypt’s involvement as a member of the Fund’s Board of Directors positions it uniquely to influence these efforts.

In response, Carlos Manuel Rodriguez confirmed that the GEF is currently undergoing a comprehensive review phase. This includes reforms and evaluations concerning funding limits, the capabilities of executive agencies, and the governing framework of the GEF, as well as the introduction of a new biodiversity model.

He noted that during the previous Biodiversity Conference in Montreal (COP15), countries had requested an evaluation of the GEF. The results of this evaluation, presented recently, indicated that a majority of countries believe the facility is effectively fulfilling its mission, highlighting the continued importance of the GEF in the global environmental funding landscape.

#trending #latest #Egypt #Environment #Biodiversity #GlobalEnvironmentFacility #COP16 #SustainableDevelopment #ClimateAction #RioConventions #Funding #GreenEconomy #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #bestnewschanneldubai #bestnewschannelUAE #bestnewschannelabudhabi #bestnewschannelajman #bestnewschannelofdubai #popularnewschanneldubai

Ahmed Tamim Hisham Al Kuttab, Satya Nadella, and Peng Xiao signed the partnership deal...Read More.

Hilaria Baldwin said she started "code-switching" after facing cruelty from the world due to her mixed heritage...Read More.