About Green Climate Fund:
- It is the world’s largest dedicated climate fund which was set up at COP 16 held in Cancun in 2010.
- It is an operating entity of the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC).
- It is mandated to support developing countries raise and realize their Nationally Determined Contributions ambitions towards low-emissions, climate-resilient pathways.
- It accelerates transformative climate action in developing countries through a country-owned partnership approach and use of flexible financing solutions and climate investment expertise.
- A core GCF principle is to follow a country-driven approach, which means that developing countries lead GCF programming and implementation.
- GCF is mandated to invest 50% of its resources to mitigation and 50% to adaptation in grant equivalent. At least half of its adaptation resources must be invested in the most climate vulnerable countries (SIDS, LDCs, and African States).
- The GCF is a legally independent institution with a fully independent secretariat headed by an Executive Secretary.
- The Secretariat, located in Songdo South Korea, began its work in December 2013.
