green climate fund

The Green Climate Fund (GCF) is a fund within the framework of the UNFCCC founded as a mechanism to redistribute money from the developed to the developing world, in order to assist the developing countries in adaptation and mitigation practices to counter climate change. The GCF is based in the new Songdo district of Incheon, South Korea. It is governed by a Board of 24 members and initially supported by an Interim Secretariat.

‘The Green Climate Fund will support projects, programmes, policies and other activities in developing country Parties using thematic funding windows’.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. Disputes also remain as to whether the funding target will be based on public sources, or whether "leveraged" private finance will be counted towards the total. Only a fraction of this sum had been pledged as of July 2013, mostly to cover start-up costs.

According to the Climate & Development Knowledge Network, at the third meeting of the Board in Berlin, Germany, in March 2013, members agreed on how to move forward with the fund’s Business Model Framework (BMF). They identified the need to assess various options for how nations could access the fund, approaches for involving the private sector, plus ways to measure results and ensure requests for monies are country-driven.

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