CBIT

Transparency forms the bedrock of climate change actions, CBIT (Capacity building initiative for transparency fund) is an outcome of the UNFCCC's Paris agreement in 2015 and expected to address the issue of transparency

Objectives:

# 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

Design:

# 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

Significance:

# 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