The Green Climate Fund (GCF) is a financial mechanism established to support developing countries in their efforts to combat climate change and promote sustainable development.
It was established in 2010 as part of the United Nations Framework Convention on Climate Change (UNFCCC) and became fully operational in 2015.
The Green Climate Fund (GCF) was established by 194 countries following the Copenhagen Accord at COP15. Key aspects of the Green Climate Fund include:
Climate Finance: The GCF mobilizes and channels financial resources to developing countries to help them reduce greenhouse gas emissions and adapt to the impacts of climate change. The fund aims to provide financial support on a grant and concessional basis.
Adaptation and Mitigation: The GCF supports both adaptation and mitigation projects. Adaptation projects focus on helping vulnerable communities adapt to the impacts of climate change, such as rising sea levels, extreme weather events, and changing precipitation patterns. Mitigation projects aim to reduce or prevent the emission of greenhouse gases.
Country Ownership: The GCF emphasizes the principle of country ownership, meaning that developing countries are in the driver's seat when it comes to designing and implementing climate projects. This approach ensures that projects are tailored to the specific needs and priorities of each country.
Private Sector Engagement: The GCF encourages private sector involvement in climate finance. It seeks to mobilize private investment for climate projects by providing financial instruments and incentives that make investments in sustainable and climate-resilient initiatives more attractive.
Readiness and Capacity Building: The GCF provides support for capacity building and readiness activities in developing countries. This includes helping countries build the necessary institutional and technical capacities to access and manage climate finance effectively.
It is the world's largest climate fund, aiming to mobilize funding at scale to invest in low-emission and climate-resilient development. The GCF is governed by a 24-member board and receives guidance from the Conference of the Parties to the Convention (COP).
Countries contribute to the GCF, and the fund has played a significant role in mobilizing financial resources for climate action in developing countries. Its work contributes to the global effort to address climate change and achieve sustainable development goals.
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