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Financial mechanism in the context of the Kyoto Protocol: Memorandum of Understanding between the Conference of the Parties and the Council of the Global Environment Facility. Note by the secretariat.
Article 11 of the Kyoto Protocol provides that guidance to the entity or entities entrusted with the operation of the financial mechanism of the Convention, given in relevant decisions of the Conference of the Parties (COP), including those agreed before the adoption of the Kyoto Protocol, shall apply mutatis mutandis. No guidance has been provided to the Global Environment Facility (GEF) under this Article. The COP, by its decision 10/CP.7, established under the Kyoto Protocol the Adaptation Fund to finance concrete adaptation projects and programmes in developing country Parties that are Parties to the Kyoto Protocol, as well as activities identified in paragraph 8 of decision 5/CP.7. The mechanism through which the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol (COP/MOP) would provide guidance to the Council of the GEF on the operation of the Adaptation Fund needs to be considered. The Subsidiary Body for Implementation (SBI) is invited to consider this issue and recommend a draft decision for adoption by the COP/MOP
Item 6 (a) of the provisional agenda
United Nations Office at Geneva | Geneva (Switzerland) | 15/09/2005