Global Environment Facility Current Affairs

Global Environment Facility (GEF): India increases grant from $12 million to $15 million

India announced to increase its grant to Global Environment Facility’s (GEF) new four-year investment cycle, known as GEF-7 from $12 million to $15 million. It was announced at the GEF Council meeting held at Da Nang, Vietnam and approved a $4.1 billion replenishment of GEF-7.

Key Facts

With India’s increased financing commitment, it is playing crucial role to mitigate climate change and other environmental challenges across the globe. India is among the world’s most vulnerable countries to climate change, is both donor and recipient of GEF.

India has been a leading developing country participant in GEF since its inception and has played a major role in shaping GEF. India is both donor and recipient of GEF.

The GEF meeting Council will be followed be sixth GEF Assembly (June 27-28), which meets every four years. It is expecting 1,200 participants, including heads of state, environment ministers, United Nations (UN), NGOs and business leaders.

Global Environment Facility (GEF)

GEF is multilateral financial mechanism that provides grants to developing countries for projects that benefit global environment and promote sustainable livelihoods in local communities. It was established on the eve of 1992 Rio Earth Summit to help tackle our planet’s most pressing environmental problems

It addresses six designated focal areas: biodiversity, climate change, international waters, ozone depletion, land degradation and Persistent Organic Pollutants.  It unites 183 countries in partnership with international institutions, civil society organizations (CSOs), and private sector to address global environmental issues.

It is based in Washington DC, United States. Since its inception, GEF has provided $17.9 billion in grants and mobilised an additional $93.2 billion in financing for more than 4,500 projects in 170 countries. GEF also serves as financial mechanism for following conventions:

  • Convention on Biological Diversity (CBD)
  • United Nations Framework Convention on Climate Change (UNFCCC)
  • UN Convention to Combat Desertification (UNCCD)
  • Stockholm Convention on Persistent Organic Pollutants (POPs)
  • Minamata Convention on Mercury

The GEF, although not linked formally to Montreal Protocol on Substances that Deplete Ozone Layer, supports its implementation in countries with economies in transition.

Month: Categories: Environment Current Affairs 2018

Tags:

Creating and Sustaining Markets for Energy Efficiency project launched by EESL in partnership with GEF

The Energy Efficiency Services Limited (EESL), under Ministry of Power in partnership with Global Environment Facility (GEF) has launched Creating and Sustaining Markets for Energy Efficiency project.

The project will help in recognizing India’s efforts towards a low emission-economy and focusing on energy efficiency programmes. Currently around two-thirds of total power generation capacity in India is based on fossil fuels. By 2030, India is committed to achieve 40% of the installed capacity based on clean energy sources.

Funding

Project will receive composite funding of $454 million comprised of $20 million GEF grant and co-financing of $434 million in form of loans and equity, including $200 million loan from Asian Development Bank (ADB). Further, EESL also has proposed Energy Efficiency Revolving Fund (EERF) for sustainable funding mechanism of energy efficiency projects in country.

Initiatives under this Project

New technologies of super-efficient ceiling fans, tri-generation technologies & smart grid-applications will be financed for proof testing. Energy efficiency programmes like street lighting, domestic lighting, five-star rated ceiling fans and agricultural pumps will be undertaken. EESL also has partnered with UN Environment’s District Energy in Cities Initiative, which has already identified $600 million of projects across five cities in India.

Significance

The project is considered as significant step considering India’s efforts towards low emission-economy and focusing on energy efficiency programmes. It will also create awareness in citizens, especially among youth, to encourage energy efficiency measures like use of electric vehicles, energy efficient building codes etc. It will also facilitate sustainable growth by addressing climate change issues, boosting economy and generating greater employment in country.

Global Environment Facility (GEF)

GEF is a financial mechanism that provides grants to developing countries for projects that benefit global environment and promote sustainable livelihoods in local communities. It addresses six designated focal areas: biodiversity, climate change, international waters, ozone depletion, land degradation and Persistent Organic Pollutants.

It was established on the eve of 1992 Rio Earth Summit to help tackle our planet’s most pressing environmental problems. It unites 183 countries in partnership with international institutions, civil society organizations (CSOs), and private sector to address global environmental issues

India has been a leading developing country participant in the GEF since its inception in 1991 and has played a major role in shaping GEF. India is both donor and recipient of GEF.

Month: Categories: Environment Current Affairs 2018

Tags:

Advertisement

12