GEF Earth Fund: a Public Private Partnership
The development of a GEF private sector strategy* in 2006 has led to the creation of The GEF Earth Fund, which is the name for the GEF Public Private Partnership Initiative approved by the GEF Council in June 2007. The overall objective of the GEF Earth Fund is to establish, in cooperation with the IFC, a new form of partnership to support environmental innovation and help accelerate the emergence and replication of projects that will generate global environmental benefits in a sustainable and cost-effective manner in the developing world.
The GEF Council has agreed to earmark $50 million for this initiative and the objective is to raise an additional $150 million.
This innovative tool will give GEF the ability to better attract funding from private companies, individual donors and foundations and work more directly with a broader network of partners, as not only the GEF agencies, but also NGOs or Foundations with fiduciary standards that meet GEF requirements, will be allowed to propose programs.
Contributors will have the ability to become members of the Earth Fund Board, which will shape the strategy under the guidance of the GEF Council. A first $30 million IFC program on climate change and biodiversity will be launched over the summer, while it is expected that the full Earth Fund Board will be set up in the fall.
For any question please contact:
mmokass@thegef.org. *“The Public Private Partnership Initiative: Furthering the GEF Strategy to Enhance Engagement with the Private Sector” |
