§1738f Environmental Framework Agreements

Summary

The President can make an environmental agreement with each country that is eligible for benefits. The President must talk with the Board before doing so. The agreement must make the country create an Environmental Fund, put required interest payments into it, pay money quickly from the Fund to the group that will run it, try to keep the local money’s value steady in U.S. dollars when needed, spell out what the Fund can be used for under the rules, and include reasonable ways to enforce the agreement. The Fund’s money must be run by a body set up under the country’s law. That body must include people chosen by the President, people chosen by the country, and members from local environmental and community groups, with most members coming from local NGOs or scientific/academic groups. The body must accept local grant proposals, make grants based on agreed priorities, manage and oversee the program, have yearly independent financial audits, submit its yearly program for Board review, send an annual report to the Board chairman and the country’s government, and allow either the United States or the country to veto any grant over $100,000.