financial mechanism


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Definition: 

In international environmental law ways and means of providing new and additional financial resources, particularly to developing countries, for environmentally sound development programmes and projects. (Source: UNEP, Agenda 21/A/CONF.151/26 (Vol. III),1992)

  • The Conference of the Parties of an Multilateral Environmental Agreement shall establish its own financial rules [...].These rules are meant to govern the financial administration of the COP, its subsidiary bodies and the MEA secretariat. They cover financial matters essential to MEAs and usually provide that, for other matters, the Financial Rules and Regulations of the United Nations will apply (Source: MEA Negotiator's Handbook, 2007)
  • In UNFCCC the concept is used for documents that discuss the financial mechanism of the convention as well as the standing committee on finance. A mechanism for the provision of financial resources on a grant or concessional basis, including for the transfer of technology. It functions under the guidance of and is accountable to the COP, which shall decide on its climate change policies, programme priorities and eligibility criteria for funding. Through this mechanism, developed country Parties (Annex II Parties) provide financial resources to assist developing country Parties implement the Convention. The Parties to the Convention assigned operation of the financial mechanism to the Global Environment Facility (GEF) on an on-going basis, subject to review every four years. The Kyoto Protocol also recognizes, under its Article 11, the need for the financial mechanism to fund activities by developing country Parties (Source: UNFCCC, Article 11, para 1)

Other relations

  • Financial mechanism (UNFCCC)
  • financial mechanism (CMS)
  • Financial Mechanism and Resources Mobilization (CBD)
  • financing (ECOLEX)
Related
Synonyms
  • resource mobilization

Content tagged with financial mechanism

See all documents containing the keywords "financial mechanism"