US$4.1 billion pledged to address global environmental issues at GEF

Friday, 2018-06-29 12:47:50
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Participants at the GEF-6 join hands to clean the beach in Da Nang city
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NDO - Twenty-nine countries pledged a total financial package of US$4.1 billion to fund a number of projects over the next four years to deal with global environmental issues.

The pledges were made at the 6th Global Environment Facility (GEF-6) which wrapped up in Da Nang on June 28.

The Ministry of Natural Resources and Environment in coordination with the GEF Secretariat held a closing ceremony for the GEF-6 in the central city after two days of working.

Senior leaders, international organisations, and representative from environmental agencies of more than 180 countries worldwide gathered at the event to discuss world environmental issues for the next four-year term of the GEF.

Emerging problems such as ocean borne plastic waste, biodiversity loss, and climate change were notable issues discussed at the event.

The GEF-6 also reached important agreements on solutions to global environmental issues including the transformation of key economic systems; the conversion of food and land use systems; the transformation of energy system to switch to a circular economy, among others.

Axel van Trotsenburg, World Bank Vice President, Development Finance, and co-chair of the replenishment meeting said that the endorsement of a US$4.1 billion financial support package for the next four years expressed a strong vote of confidence of the international community in GEF.

The renewed fund will help GEF to continue its important role as an impact investor in environmental programmes around the globe, the WB official noted.