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!