The Green Climate Fund was established by 194 countries that signed the UN Framework Convention on Climate Change in 2010. It was created as an operational entity within the financial mechanism of the Convention and is situated within the Republic of Korea. It is managed by a 24 member Board of Directors, including representatives from countries, and receives advice from the Conference of the Parties to the Convention (COP).
The Fund was created through the United Nations Framework Convention on Climate Change (UNFCCC). The Fund seeks to help facilitate change in the world's response towards climate-related change. It allocates its funds to low-emission projects and climate-resilient programs and programs for developing countries. The Fund will pay particular attention to the requirements of communities that are most susceptible to the impacts from climate change particularly Least developed countries (LDCs), Small Island Developing States (SIDS), and the African States.
Green Climate Fund Objectives
The Green Climate Fund aids in the realization of the goal in the United Nations Framework Convention on Climate Change (UNFCCC).
In the environment of sustainable development in the context of sustainable development, the Fund is seeking to encourage the shift to low-emission and climate-resilient development by providing assistance for developing countries to reduce or limit the emission of greenhouse gas, and be able to adjust to the impact of climate changes while taking into consideration the specific needs of in the developing world that is most vulnerable to the negative effects of climate change.
The Fund seeks to maximize the effectiveness of its grants to mitigate and adapt and to find to strike a balance between both in the process of promoting environmental economic, social as well as development co-benefits, and taking an approach that is gender-sensitive.
Activities Supported by Green Climate Fund
The GCF funds activities that help and facilitate adaptation as well as mitigation (including REDD+), technology transfer and development capacity-building, as well as the production of reports for national governments.
The countries are also assisted by the government in the pursuit of programs and projects that are in line with policies and strategies (such as low emission development plans, Nationally Appropriate Mitigation Actions, National Adaptation Programmes of Action, National Adaptation Plans, and other plans).
Impact Areas Green Climate Fund
- Energy access with low emissions and power generation
- Transport that is low-emission
- Cities that have energy-efficient buildings, and industries
- The sustainable use of land and the forest management
- Improved livelihoods for the most vulnerable individuals as well as communities and regions
- Improve health and well-being as well as food and water security
- Resilient infrastructure
- Resilient ecosystems.
The Green Climate Fund is a monetary fund set up by the United Nations to help direct attention and resources towards combating climate change. Several countries are members of the GCF and have received backing from it in a lot of their green initiatives. Funds such as these, when formed at an international scale, can mitigate the increasingly alarming impacts of climate change on the future of the world.
FAQs on Green Climate Fund
Q.1. Who is the owner of the Green Climate Fund?
The GCF is headquartered within Incheon, South Korea. It is run by a board of 24 members. It is supported by a Secretariat.
Q.2. Is the Green Climate Fund part of the United Nations?
Overview. GCF is in the hands of its governing body, the United Nations. The GCF's policy is based on the principles and the provisions that are contained in the UN Framework Convention on Climate Change (UNFCCC).
Q.3. Is India a member of the Green Climate Fund?
On 28 July 2017, GCF accelerated its efforts to combat climate change in India through the signing of a major arrangement in partnership with GCF's first recognized Indian lender.
Q.4. How many countries are members of the Green Climate Fund?
A total of 49 countries/regions/cities have made a pledge to the Green Climate Fund (GCF), including 9 representing developing countries. The aim is that all pledges be transformed into a contribution agreement within a year from the point when they were signed.