ENB:09:17
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FINANCIAL MECHANISM:
The discussion on the financial
mechanism presented much difficulty. Although delegates were asked
to specify the characteristics of the desired financial mechanism,
the debate focused more on why the GEF should or should not be this
mechanism. Some delegates supported the use of the GEF as both an
interim financial mechanism as well as the future permanent
mechanism. Although the ICCBD recognized that the Convention
stipulates that the COP shall have supreme authority over the
mechanism, many developing countries acknowledged the difficulty of
the GEF living up to such expectations, as it is also answerable to
other bodies. The debate over the restructuring of the GEF and its
relationship to the COP overshadowed any discussion of the
methodologies for estimating funding needs. The matter was
complicated further by the fact that some of the developing country
delegates rejecting the GEF because it has not been satisfactorily
restructured to be entrusted with such a task, have not discussed
the matter adequately with other ministries within their own
governments who are already receiving funding through the GEF.