Crucial environmental action gets $281m funding: The Global Environment Facility’s (GEF) governing body has agreed to a $281 million (£201,) project to help emergency environmental action within developing countries.
The funds will back sustainable recovery due to COVID-19, as well as a target on climate change, marine biodiversity, fisheries, chemical & waste management, e-mobility, green buildings & mercury free mining.
The new initiatives are arranged to help over 18 million people at the same time generating global environmental benefits, with each dollar supplied in the programme forecast to mobilise over $10 (£7.1) in co-financing from more origins.
Speaking at the 60th GEF meeting, where the report was announced, UN Climate Change Executive Secretary Patricia Espinosa pointed out the significance of the facility in stopping climate change, specifically in developing countries.
She stated: “Climate change, like the coronavirus, recognises no borders or political ideologies. When one nation is impacted, all feel the pain. Support to developing nations is, therefore, an act of mutual self-interest.
“The rollout of trillions of dollars to address post-COVID recovery is an opportunity to accelerate the transition away from fossil fuel and high-emissions-based economies towards economies that are low carbon, sustainable and resilient.”
Crucial environmental action gets $281m funding