New climate fund for developing countries to track climate actions

0-90450200_1465542306_istock_74367949_mediumThe 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).

Read the full article in Down To Earth