New Fund To Help Ratify And Implement Nagoya ProtocolPublished on 6 June 2011 @ 4:56 pm
Intellectual Property Watch
A new fund has been established to help developing countries ratify and implement the Nagoya Protocol on access and benefit sharing, the UN Convention of Biological Diversity (CBD) said last week.
The Global Environment Facility (GEF) will operate the fund with Japan offering 1 billion yen as an initial contribution (about US$12 million). France declared financial support of 1 million euros (about US$ 1.4 million), Norway and Switzerland also proposed financial support, according to the press release [pdf].
The GEF, which is the financial mechanism of the CBD, will manage the fund and the World Bank will serve as the trustee of the fund.
The fund is designed to support countries ratifying the protocol, but also financing “projects at the national and regional levels that will promote technology transfer, private sector engagement, and the conservation and sustainable use of genetic resources.”