Article 28 paragraph 2, of the Cartagena Protocol provides that
the financial mechanism established in Article 21 of the Convention shall, through the institutional structure entrusted with its operation, be the financial mechanism for this Protocol. The Conference of the Parties to the Convention on Biological Diversity (COP) in
decision I/2 designated the restructured Global Environment Facility (GEF) to serve as the institutional structure to operate the financial mechanism under the Convention on an interim basis.
The relationship between the GEF and the Convention is governed by a Memorandum of Understanding (MoU) between the Conference of the Parties to the Convention and the Council of the GEF, which was adopted by the COP in its
decision III/8. Under that MoU, the GEF functions under the authority and guidance of, and is accountable to, the COP for the purposes of the Convention. The COP provides guidance to the GEF on policy, strategies and programme priorities.
In accordance with paragraph 3 of Article 28 of the Protocol, the Conference of the Parties serving as the meeting of the Parties to the Protocol (COP-MOP) prepares draft guidance with respect to financial support for the Protocol for consideration by the COP and inclusion as appropriate in the guidance to the financial mechanism.
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