FINANCING ENVIRONMENTAL POLICIES IN THE SOUTH - EXPERIENCES FROM THE MULTILATERAL OZONE FUND

The Montreal Protocol on Substances that Deplete the Ozone Layer oblig es industrialized countries to reimburse developing countries all agre ed incremental casts incurred by them in their efforts to save the ozo ne layer. To this end, a Multilateral Fund was established in 1990. Th e Fund's decision-making procedures grant developing countries the sam e voting powers as industrialized countries-an almost revolutionary pr ecedent in North-South relations. This article analyzes the work of th e Multilateral Ozone Fund since its inception, with special emphasis o r, the development and implementation of the notion of ''all agreed in cremental costs'' between industrialized and developing countries. Sin ce comparable institutional settings have been stipulated in the more recent treaties on climate change and biological diversity, the articl e's concluding section draws five lessons from ozone politics for othe r international environmental agreements, in particular the emerging c limate regime.