The Global Environment Facility (GEF) has set up a new financial initiative and trust fund to help developing countries monitor and report the progress on their climate actions domestically. GEF established the Capacity-Building Initiative for Transparency (CBIT) fund in response to a decision during COP21 in Paris for an urgent reporting-related mechanism, including through voluntary donor contributions.
Decision number 85 of the Paris Agreement “decides to establish a Capacity-building Initiative for Transparency in order to build institutional and technical capacity, both pre- and post-2020. This initiative will support developing country Parties, upon request, in meeting their enhanced transparency requirements in a timely manner.” This initiative also aims to strengthen “national institutions for transparency-related activities in line with national priorities”. The fund is expected to help countries track their progress according to their Nationally Determined Contributions (NDCs).