Ag. [7.1] Update on the Arctic Council Project Support Instrument (PSI) (Presented by NEFCO).

"This Report updates the previous PSI Report1 of 19 February 2013 to the SAO 2013 Spring Meeting. Preamble. The PSI is an instrument for financing prioritised Arctic Council projects. The Fourth Ministerial meeting of the Arctic Council in Reykjavik 2004, inter alia: “Emphasized the need for reinforcing efforts to finance circumpolar cooperation, supported the Project Support Instrument (PSI) concept as a mechanism to enhance the process of identifying, mobilizing and transferring financing for specific priority Arctic Council projects...”. The PSI response to Arctic Council priorities is to strengthen its work on environment protection including climate change (e.g. CO2 mitigation, SLCP) and actions in support of the implementation of the Persistent Organic Pollutants (POPs) and Heavy Metals protocol on Long-Range Trans-boundary Air Pollution (LRTAP)." /.../