Capacity-Building Initiative for Transparency(CBIT) Fund

CBIT is an outcome of the UNFCCC’s Paris agreement in 2015 and expected to address the issue of transparency
  • To help developing countries monitor and report the progress on their climate actions
  • Strengthening of national institutions of participating members in transparency related activities with respect to the Nationally Determined Contributions
  • To bring transparency in the financial help, technology transfer and capacity building support by the developed countries to developing countries. Both have to provide relevant information
  • The fund will be set up by the GEF, with financial support from the developed nations like US, UK, Canada etc.
  • World Bank has been requested to act as the trustee for the fund, who was also a trustee in the initial hand holding of GEF
  • Many developing countries lack the necessary capacity to monitor and report their progress on the front of INDCs
  • This fund helps developed countries to take on board the developing countries in developing their domestic capacities leading to transparent mechanisms in reporting the progress

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