Green Climate Fund approves $1 billion to assist poor countries to tackle climate change

Green Climate Fund (GCF) has approved more than $1 billion new investments for 19 new projects to help developing countries tackle climate change. The decision was taken during four-day meeting of GCF in Manama, Bahrain. The funding was approved for projects linked to geothermal energy in Indonesia, greener cities in Europe and Middle East and protection for coastal communities in India.

Green Climate Fund (GCF)

GCF is UN-backed fund considered as key vehicle for climate-related development programs. It is guided by the principles and provisions of the UN Framework Convention on Climate Change (UNFCCC). It aims to help developing countries to finance clean energy projects other mitigation efforts, practices and adaptation to counter climate change.  It was formally established by UNFCCC decision in Durban, South Africa in December 2011. It is based in new Songdo district of Incheon, South Korea. It is governed by a Board of 24 members and initially supported by a Secretariat. GCF was central to the Paris climate agreement signed in 2015. GCF’s assist developing countries in adaptation and mitigation practices to counter climate change by redistributing money contributed by the developed countries. It supports projects, programmes, policies and other activities in developing country Parties using thematic funding windows. It was intended to be the centrepiece of efforts to raise Climate Finance of $100 billion a year by 2020.

Month: Current Affairs - October, 2018