Officials overseeing the Green Climate Fund (GCF) have approved more than $1 billion in new investments in a meeting held in Bahrain.
About:
Objective: The Green Climate Fund (GCF) is a global fund within the UNFCCC framework to support the developing countries limit or reduce their greenhouse gas (GHG) emissions and adapt to climate change.
Timeline:
It was set up at COP 16 held in Cancun in 2010, by the 194 countries who are parties to the United Nations Framework Convention on Climate Change (UNFCCC), as part of the Convention’s financial mechanism.
GCF launched its initial resource mobilization in 2014.
When the Paris Agreement was reached in 2015, the GCF was given an important role in supporting the goal of keeping climate change well below 2 degrees Celsius.
Features: The Fund’s investments can be in the form of grants, loans, equity or guarantees.
Governance: GCF is governed by a 24-member Board, comprised equally of developed and developing countries, representing the United Nations Regional Groups. It makes decisions based only on the consensus agreement of all Board members.
HQ: The Fund is headquartered in Songdo, South Korea.
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