- Defines environmental fund management (“Fund Management”) as a system and mechanism which is used to fund efforts relating to the protection and management of the environment and which encompasses the following activities: 1) Fundraising; 2) Fund accumulation through the following instruments: a) Banking instruments; b) Capital market instruments; and c) Other financial instruments; and 3) Fund distribution through the following mechanisms: a) Carbon emissions trading; b) Loans; c) Subsidies; d) Grants; and/or e) Other legitimate mechanisms.
- Requires Fund Management to be implemented through contracts/agreements which should address the following elements at the least: 1) Identity of the parties concerned; 2) Purpose of the funds; 3) Types of activities that will be undertaken; 4) Amount of funding; 5) Time periods for the implementation of said activities; and 6) Type of agreed instrument.
- Authorizes the Minister of Finance to establish a dedicated non-echelon unit (“Unit”) in order to implement Fund Management. As part of the organization of Fund Management, said Units may also appoint custodian banks as trustees.
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