This Briefing Paper looks at proposed reforms to the Global Environment Facility (GEF) - a collaborative effort between international institutions (the UN Development Programme, the UN Environment Programme and the World Bank) to finance and manage initiatives to safeguard the global environment. On the agenda of forthcoming GEF meetings are restructuring and replenishment: but under 'restructuring' the claims for greater transparency and accountability are primarily questions about the scope of the facility and how its funding decisions should he determined. If agreement can be reached, a fund of up to $4hn could result. The paper first describes the purpose and functioning of the GEF and examines its record to date. It then reviews the proposed reforms and considers the major challenges to the GEF after the replenishment is complete.