paragraph 2, of the Nagoya Protocol designated the financial mechanism of the Convention as the financial mechanism for the Protocol. In accordance with decision I/2 of the Conference of the Parties to the Convention on Biological Diversity, the Global Environment Facility (GEF) serves as the institutional structure to operate the financial mechanism under the Convention. The relationship between the GEF and the Convention is governed by a Memorandum of Understanding (MoU) between the Conference of the Parties to the Convention (COP) and the Council of the GEF, which was adopted by the COP in its decision III/8
. Under that MoU, the GEF functions under the authority and guidance of, and is accountable to, the COP for the purposes of the Convention.