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IN THE CORRIDORS I

Many delegates commented on what they considered a change in the EU position regarding the Global Mechanism. The EU’s opening statement to Working Group I indicated that the Global Mechanism could have a catalytic role in promoting actions leading to the mobilization of resources in order to increase the effectiveness of existing financial mechanisms. A number of delegates welcomed this statement, although some were not clear as to whether the “catalytic role” implies fund raising. A number of delegates from developing countries noted that their priority is that the mechanism mobilize resources not just facilitate the mobilization of resources. Some delegates are said to still be pushing for a fund with substantial resources.