CONTENTS
 
CONTENTS  ............................................................................................................................................................. 2
ACKNOWLEDGMENTS AND DISCLAIMER  ......................................................................................................... 3
LIST OF ABBREVIATIONS  .................................................................................................................................... 4
PRESENTATION  .................................................................................................................................................... 6
EXECUTIVE SUMMARY ........................................................................................................................................ 8
1.  INTRODUCTION  .......................................................................................................................................... 11
2.  EXISTING ARCHITECTURE OF GLOBAL ENVIRONMENTAL FUNDS  ................................................... 12
2.1  THE GLOBAL ENVIRONMENT FACILITY   .....................................................................................................  12
2.2  MULTILATERAL DEVELOPMENT BANKS   ....................................................................................................  13
2.3  STRENGTHS OF THE EXISTING SYSTEM ....................................................................................................  15
2.4  WEAKNESSES OF THE EXISTING SYSTEM  ..................................................................................................  15
3.   THE EMERGENCE OF NEW ENVIRONMENTAL FUNDS  ......................................................................... 19
3.1  DRIVING FORCES BEHIND THE NEW FUNDS  ...............................................................................................  19
3.2  THE NEW BILATERAL FUNDS  ....................................................................................................................  20
3.3  THE NEW MULTILATERAL FUNDS  ..............................................................................................................  28
3.4  DUPLICATION, COMPLEMENTARITY AND SYNERGY BETWEEN FUND ACTIVITIES  ............................................  39
4. TOWARD A MORE COHERENT SYSTEM OF FUNDING  .............................................................................. 44
4.1  MAJOR REQUIREMENTS OF A NEW SYSTEM OF GLOBAL ENVIRONMENTAL FINANCE  ......................................  45
4.2  THE FUTURE OF THE GEF  .......................................................................................................................  49
4.3  OTHER ISSUES REGARDING THE NEW FUNDS  ............................................................................................  51
5. CONCLUSION  .................................................................................................................................................. 53
REFERENCES  ...................................................................................................................................................... 55