The world’s largest special fund relating to international environmental agreements and conventions. Founded in 1991 as a pilot project of the World Bank, the fund has been an independent organization since 1994. It is responsible for the financial implementation of a number of international environmental agreements, such as the Convention on Biological Diversity (CBD), the United Nations Framework Convention on Climate Change (UNFCCC), the Stockholm Convention on the Prohibition of Persistent, Highly Toxic Pollutants (POPs), and the United Nations Convention to Combat Desertification (UNCCD). International organizations and development banks, such as the Food and Agriculture Organization of the United Nations (FAO), the Asian Development Bank (ADB), the African Development Bank (AfDB), the International Fund for Agricultural Development (IFAD), and the European Bank for Reconstruction and Development (EBRD), are partners in project implementation. – See adaptation fund, replacement money, sustainability, Pigou tax.
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