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WORKING GROUP ON FINANCIAL ISSUES

Delegates to the Working Group on financial issues completed consideration of the three outstanding texts. On the MOU, delegates deleted text noting that, if the COP considers a specific project decision does not comply with its guidance, it may “ask for a reconsideration of that decision.” Delegates also deleted the instruction that COP review the amount of funding “available” for CBD on the occasion of each replenishment.

On the draft decision on Additional Guidance to the Financial Mechanism, delegates agreed to underline “the importance of paragraphs 1 and 4 of Article 20" of the CBD. They also added a note stating that the COP endorsed recommendation II/2 of SBSTTA concerning capacity-building for taxonomy.

The text on the procedure to review the effectiveness of the financial mechanism calls on the Secretariat to: gather information; prepare a synthesis; send it for appraisal to five regional representatives; take account of the comments; distribute copies to all Parties and relevant bodies for comments; based on these, prepare a draft report to be presented to the regional representatives and made available to the GEF and implementing agencies; and submit the synthesis with supporting documents to Parties not later than 3 months prior to COP-4. Supporting documents will include comments and other information, identified by source.