Uncategorized

Green Climate Fund vs Global Environment Facility

Green Climate Fund:

  • It is a fund within the framework of UNFCCC
  • UN backed fund.
  • It is founded to assist developing countries in adaptation and mitigation practices to counter climate change.
  • Formed in 2010
  • First mention of concept in Copenhagen Accord in CoP-15
  • Formally in CoP-16 at Cancun.
  • World Bank is chosen as a temporary trustee of the fund.
  • HQ : Incheon, South Korea
  • It is intended to be the centrepiece of efforts to raise Climate Finance of $100 billion a year by 2020. This is not an official figure for the size of the Fund itself, however.
  • The Fund is a unique global initiative to respond to climate change by investing into low-emission and climate-resilient development. It intends to raise $100 billion a year by 2020.
  • Ministry of Environment, Forests and Climate Change (MoEFCC) has been nominated as India’s Nationally Designated Authority (NDA) for the GCF.
  • It shall make recommendations on funding proposals in the context of national climate strategies to the Board of the GCF.
  • NABARD has been accredited by GCF as the first Entity for sourcing financial resources from GCF for India.

Global Environment Facility:

  • It is an independently operating financial organization
  • GEF is multilateral financial mechanism that provides grants to developing countries for projects that benefit global environment and promote sustainable livelihoods in local communities.
  • It was setup as a fund under World Bank in 1991
  • In 1992, at the Rio Earth Summit, the GEF was restructured and moved out of the World Bank system to become a permanent, separate institution.
  • Since 1994, however, the World Bank has served as the Trustee of the GEF Trust Fund and provided administrative services.
  • It is based in Washington DC, United States.
  • It addresses six designated focal areas:
    • biodiversity,
    • climate change,
    • international waters,
    • ozone depletion,
    • land degradation and
    • Persistent Organic Pollutants.
  • The program supports an active portfolio of over 200 investments globally.
  • GEF serves as financial mechanism for :
    • Convention on Biological Diversity (CBD)
    • United Nations Framework Convention on Climate Change (UNFCCC)
    • UN Convention to Combat Desertification (UNCCD)
    • Stockholm Convention on Persistent Organic Pollutants (POPs)
    • Minamata Convention on Mercury
  • India is both donor and recipient of GEF.

Thank you!

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