"Yes, we are the largest investor in the global environment, having provided $4.2 billion in grants, while leveraging $12.4 billion in additional financing," says Mohamed El-Ashry, CEO and Chairman, GEF, with touch of pride. "We have been a catalyst over the past decade, transferring technologies, working with governments, the private sector, NGOs and international institutions, to address complex environmental issues in a pragmatic way on the ground. We have 1,000 projects across 160 nations."

The GEF's implementing agencies include, UNDP, UNEP and the World Bank, adds El-Ashry. "We have helped improve more than half of the world's parks, we have undertaken a new partnership with Brazil to safeguard ten percent of the Amazon, and we have worked with large and small businesses to deliver $6 billion in new and renewable energy services, like wind power and solar energy, to developing countries. In fact, we are the largest funder of renewable energy in developing countries."

Some 14 countries in Eastern Europe and Central Asia have, with GEF assistance, reduced their consumption of ozone-depleting substances by over 90 percent, he claims. Other GEF activities include: Providing 70 percent of all external funds for World Heritage Sites designated by UNESCO, the setting up of solar thermal plants in Egypt and Morocco, and modernizing of coal-fired boilers in China (China is the largest recipient of GEF assistance).

On Aug. 7, donor nations pledged nearly $3 billion for additional GEF activities, the highest replenishment ever, says Al-Ashry. "This will allow us to expand our mandate and move into new areas. In fact, when our Assembly meets in Beijing next month, it is expected to endorse recommendations that desertification and organic pollutants be added to GEF's focal areas."