We need a paradigm shift in economic thinking
World Ocean Initiative, The Economist Group
Please could you provide a brief overview of the Global Environment Facility?
The Global Environment Facility (GEF) is a grant-making institution established in 1991 to help developing countries find solutions to the world’s most pressing environmental problems. Since then, the GEF has provided around US$20bn in funding and mobilised an additional US$107bn in co-financing for more than 4,700 projects in 170 countries. The GEF’s mission is to safeguard the global environmental commons including the climate, biodiversity, land, water and the ocean. We take an ecosystem-based approach combined with global and local governance mechanisms, which is important because many sustainability challenges cut across national boundaries. This is especially true of ocean issues such as overfishing, coastal water pollution from agriculture and marine plastic pollution. The solutions are usually found in bringing stakeholders together and reconciling competing needs.
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