Green Climate Fund

Subject – Environment

Context – Most vulnerable countries unable to access Green Climate Fund for adaptation

Concept –

The Green Climate Fund (GCF) is a fund established within the framework of the UNFCCC as an operating entity of the Financial Mechanism to assist developing countries in adaptation and mitigation practices to counter climate change.
One of the largest vehicles for climate finance connected to the UNFCCC is GCF, which was born out of the Copenhagen Accord of 2009. It offers financing through “a flexible combination of grants, concessional debt, guarantees or equity instruments”.
And part of its mandate is “to invest 50 per cent of its resources to mitigation and 50 per cent to adaptation in grant equivalent”. At least half of its adaptation resources must be invested in the most climate vulnerable countries (small island developing states or SIDS, least developed countries or LDCs, and African States).
This makes 154 countries eligible for funding, of which 84 received $2.5 billion GCF adaptation funding between 2015 and 2019, according to the new study.
- Since 54 per cent of the funds went to countries who are LDC, SIDS and / or African countries, the GCF met its mandate.
The GCF is based in Incheon, South Korea. It is governed by a Board of 24 members and supported by a Secretariat.

Key Features –

To know about Climate Finance, please refer November 2021 DPN.