Option 3
32. The Global Fund for Climate10 is hereby established as an operating entity of the financial mechanism. It shall function under the guidance of and be accountable to the COP, which shall decide on its policies, programme priorities and eligibility criteria.
33. The Fund and the COP shall enter into an agreement pursuant to Article 11.3 of the Convention.
34. The Fund shall be governed by a body with balanced representation of net contributors and net recipients. The process of constituting the body shall be agreed upon by the Parties.
35. All Parties, except LDCs, shall contribute to the Fund in accordance with their national circumstances and respective capabilities through multi-year pledges and multi-year replenishments.
36. An existing multilateral financial institution shall operate the Fund as its trustee.
37. The Fund shall support developing country mitigation and adaptation policies, programmes and projects in a country-driven manner.
38. The Parties reaffirm the role of the Global Environment Facility (GEF) as an operating entity of the financial mechanism under Article 11 of the Convention.
