§ Mrs. Chalker
I warmly welcome the establishment of the global environment facility (GEF). It is designed to help developing countries tackle global environmental problems including climate change, ozone depletion, pollution of international waters and the loss of biological diversity. Under climate change, for example, the GEF is likely to finance energy efficiency and energy conservation projects. It will provide grants for projects in developing countries which have substantial global benefits but would not be justified solely by the national benefits to the country concerned. All major donor countries and a number of developing countries are likely to contribute to the Facility. It will be managed jointly by the World bank, the United Nations environment programme and the United Nations development programme.
Britain is one of the first and leading contributors to the GEF. We will be contributing £40.3 million to the core facility of the GEF. We are contributing a further $15 million (approximately £7.8 million) to the funding mechanism established in June under the Montreal protocol to help developing countries phase out ozone depletion substances, which we hope to see managed as part of the GEF.
Our contribution will be managed by the Overseas Development Administration, but is separate from our aid budget for developing countries. ODA officials will attend the semi annual meeting of participants of the GEF which will agree its work programme. The first investments are likely to be approved from next June.