The St. Petersburg Guidelines on Environmental Funds in the Transition to a Market Economy (OECD, 1995) recommend the key internationally-recognised good standards for institutional set-up, management and performance of environmental funds. Environmental funds are discussed in three major aspects: funds as tools for implementing national/regional environmental policy, funds as public institutions and funds as financial instruments.
The development of the St. Petersburg Guidelines benefited substantially from broad discussions with experts and officials from CEE and EECCA in the context of a workshop in Budapest, Hungary (1994) and a conference in St. Petersburg, Russian Federation in October 1994. The Guidelines were further discussed and endorsed by the EAP Task Force members and presented to Environment Ministers at the Third “Environment for Europe” Ministerial Conference, held in Sofia, Bulgaria, in October 1995.
The criteria set forth in the St. Petersburg Guidelines have been subsequently used as a basis for developing a methodology for surveying selected environmental funds in CEE and EECCA as well as a benchmark in assessing the performance of a number of such funds in both regions. Six such voluntary reviews have been conducted so far in both CEE and EECCA.
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