Building effective international environmental regimes: The case of the Global Environmental Facility Author Sharma S. Journal/Series The Journal of Environment & Development | Vol. 5(1); 73 - 86; 14 p. Date 1996 Source IUCN (ID: ANA-057736) Publisher | Place of publication University of California | San Diego, CA, USA Language English Field of application International Subject Environment gen., Air & atmosphere, Wild species & ecosystems Keyword Policy/planning Development agencies and aid Institution building Abstract In 1990, the World Bank and the United Nations created an international financing mechanism known as the Global Environment Facility (GEF). Funded by a small number of countries from the industrialised North, the GEF is designed to provide concessional financial assistance to lower and middle income developing countries for the incremental cost of projects with global environmental benefits. Following the 1992 Rio Conference, the GEF was appointed as the financing mechanism for both the Convention on Biological Diversity and the Climate Change Convention. Despite its short existence, the GEF has attracted a great deal of criticism.