COP 13: Intervention by the United States Delegation -- Financial Mechanism GEF Report (Agenda Item 5(b) )

Meeting of the Subsidiary Body for Implementation
Tuesday, December 4, 2007
Financial Mechanism GEF Report (Agenda Item 5(b) )

As prepared.

Last year in Nairobi, the COP concluded that the Global Environment Facility was effectively performing its its role as an operating entity of the financial mechanism of the Convention.

One year later, we continue to appreciate the efforts of the GEF to catalyze investments in clean and economically sustainable technologies, in support of our commitments under the Convention.

We also appreciate the efforts of the GEF to be directly responsive to the guidance we provided in Nairobi and previously, including with its development of a new, streamlined project cycle and its six strategic programs for cost-effective greenhouse gas mitigation.

In looking ahead, we want to particularly appreciate several areas addressed in the GEF report:

• First, we appreciate efforts to ensure that its allocation of resources promotes the predictability, cost-effectiveness, and environmental integrity of GEF investments. We look forward to continued development of and reporting on the allocation framework, including the devotion of resources in support of enabling activities.

• Second, adaptation, which remains a high priority for all Parties. We welcome the GEF's plan for executing and evaluating its Strategic Pilot on Adaptation, and by mainstreaming adaptation into GEF projects.

• Finally, we wish to recognize and respect that the GEF's efforts to manage climate-related funds additional to the GEF Trust Fund's climate focal area. We appreciate the GEF's commitment to operating those funds in a way that ensures financial separation, and does not impact the operation or core principles of the Trust Fund.

Thank you, Mr. Chairman.