On Thursday, Françoise Clottes, GEF Secretariat, presented the report, “Impact of COVID-19 on GEF Project Preparation and Implementation,” which presents an overview of responses from across the GEF Partnership of a survey that aimed to better understand implications of the pandemic on GEF projects and programs. Council Members approved the decision to allow the GEF CEO to make an exceptional, time-bound authorization to the Project Cancellation Policy. This will enable the GEF to extend project timelines by 24 months, as needed, in order to allay the impacts of the pandemic.
The Council further considered a proposal by the Trustee to implement the proposed Sustainable Bond Strategy for the GEF Trust Fund, which seeks to add to a set of options for a responsible investment strategy for the Facility. While welcoming the proposals, Members underscored the importance of ensuring that all financing instruments are fully aligned with the Paris Agreement on climate change and global goals on sustainable and inclusive development.
Inviting Members to launch the negotiation process towards the eighth replenishment of the GEF Trust Fund (GEF-8), GEF CEO and Chairperson, Carlos Manuel Rodríguez, urged the Council to lay the foundation for an ambitious GEF-8 strategy to build back better and greener. Council Members adopted the draft decision.
The Council also adopted decisions on: the Private Sector Engagement Strategy; extending the mandate of the Working Group on Governance until 30 January 2022; and the Update on the Nagoya Protocol Implementation Fund.