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With reference to Global Environment Facility, which of the following statements is/are correct ?
1. It was established in 1991.
2. Only the developed countries are donors to it.
Select the correct answer from the code given below :
Code :
Explanation
The Global Environment Facility (GEF) was established in October 1991 as a pilot program within the World Bank to assist in the protection of the global environment and promote sustainable development. It was subsequently restructured after the 1992 Rio Earth Summit to become a separate, permanent institution. Hence, Statement 1 is correct.
Statement 2 is incorrect because the GEF is funded by both developed and developing countries. While the majority of the financial contributions come from developed nations, several developing countries—including India, Brazil, China, and South Africa—also contribute to the GEF Trust Fund. India has been a consistent donor to the GEF since its inception. The GEF serves as a financial mechanism for five major international environmental conventions, including the CBD and the UNFCCC.