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- A mechanism for the provision of financial resources on a grant or concessional basis,
including for the transfer of technology, is hereby defined. It shall function under the
guidance of and be accountable to the Conference of the Parties, which shall decide on its
policies, programme priorities and eligibility criteria related to this Convention. Its
operation shall be entrusted to one or more existing international entities.
- The financial mechanism shall have an equitable and balanced representation of all
Parties within a transparent system of governance.
- The Conference of the Parties and the entity or entities entrusted with the operation of
the financial mechanism shall agree upon arrangements to give effect to the above
paragraphs, which shall include the following:
- Modalities to ensure that the funded projects to address climate change are in
conformity with the policies, programme priorities and eligibility criteria established by the
Conference of the Parties;
- Modalities by which a particular funding decision may be reconsidered in
light of these policies, programme priorities and eligibility criteria;
- Provision by the entity or entities of regular reports to the Conference of the
Parties on its funding operations, which is consistent with the requirement for
accountability set out in paragraph 1 above; and
- Determination in a predictable and identifiable manner of the amount of
funding necessary and available for the implementation of this Convention and the
conditions under which that amount shall be periodically reviewed.
- The Conference of the Parties shall make arrangements to implement the above-
mentioned provisions at its first session, reviewing and taking into account the interim
arrangements referred to in Article 21, paragraph 3, and shall decide whether these interim
arrangements shall be maintained. Within four years thereafter, the Conference of the
Parties shall review the financial mechanism and take appropriate measures.
- The developed country Parties may also provide and developing country Parties avail
themselves of, financial resources related to the implementation of the Convention through
bilateral, regional and other multilateral channels.
[ INDEX ] ARTICLE 10 ARTICLE 12
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