At the just concluded seventh session of the Intergovernmental Negotiating Committee for a Framework Convention on Climate Change, delegates for the first time took up the details of the financial mechanism called for in Article 11 of the Convention.
While little progress was made in elaborating these details, certain preferences were clear: Developed countries want the Global Environmental Facility (GEF) to be the “operating entity” of the financial mechanism, while developing countries and non-governmental organizations (NGOs) prefer a mechanism structured along the lines of the Montreal Protocol Multilateral Fund (MPMF).