Following COP 16 – ‘Conference of the Parties’ for the United Nations Framework Convention on Climate Change (UNFCCC) – the ‘Green Climate Fund’ arose as a climate change strategy to support developing countries with climate focussed projects and mitigation measures.
The Fund, established under the ‘Financial Mechanisms of the UNFCCC, aims to provide developing countries with climate-resilience and low-carbon/low-emission developments by investing in 4 areas:
- Transformational Planning and Programming: developing projects in line with sustainable development and climate resilience.
- Climate Innovation: providing modern technologies and business models.
- Reducing Risk in Investments: making low emission, future proofing investments more rewarding to businesses.
- Recognise climate change in decision making: enable financial growth to align with sustainable development.
Projects undertaken address numerous areas such as:
- Energy Generation and Access
- Forestry and Land Use
- Buildings and Infrastructure
- Ecosystem and Ecosystem Services
- Health, Food and Water Security
- Livelihoods and Communities
At present, 173 projects have been undertaken as part of the Fund which is anticipated to positively increase livelihood resilience to 498million people. These projects alone also have supported the reduction of CO2.
An example of a project undertaken by the Fund is in Botswana, whereby vegetation restoration has been undertaken to improve resilience to droughts.
How are Funds Provided?
Finance is provided to the countries via multiple methods these can include: grants, equity instruments, investment and or guarantees.
50% of the funds are designated to mitigation strategies and the other 50% is designed for adaptation/resilience strategies.
What Countries are Entitled to the Fund?
The Green Climate Fund must devote a minimum of half its funds to ‘climate vulnerable countries’. These include:
- Small Island Developing States (SIDS) – such as those Caribbean Islands
- Least Developed Countries (LDC’s) – such as Bangladesh
- African States – such as Sierra Leone
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Photo Credit: Green Climate Fund