12 May 2010: The Global Environment Facility (GEF) has finalized its Fifth Replenishment negotiations, with over 30 countries pledging US$4.25 billion to fund projects with global environmental benefits during the next four years.

The sixth meeting of donors for the Fifth GEF Replenishment, held in Paris, France, on 12 May 2010, agreed that the GEF will channel resources towards its six focal areas, with US$1.3 billion programmed for climate change. The financial pledges also include some of the Fast Start Financing discussed at the Copenhagen Climate Change Conference, and will feature the creation of a Sustainable Forest Management-REDD Plus (reducing emissions from deforestation and forest degradation in developing countries conservation, sustainable forest management and enhancement of forest carbon stocks) initiative.
Some of the main areas of work for the GEF during the four-year period starting July 2010 will be to: lower carbon dioxide emissions; expand sustainable management of protected areas and critical landscapes; strengthen multi-state cooperation on transboundary water systems management; reduce persistent organic pollutants (POPs) in land and water; reduce mercury emissions; and expand and protect the Earth’s forest cover. [GEF Press Release]