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Green Climate Fund Meeting Results Prompt Questions Over Climate Finance Challenges

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The Green Climate Fund (GCF) board concluded its meetings last week in Songdo, South Korea, without being able to reach decisions on Fund replenishment, approve new projects, or add new Accredited Entities through which projects are implemented, prompting questions on how to ensure climate finance goals are met. According to a GCF press release , the meeting consisted of “four days of challenging and difficult discussions between Board members” on these issues. The GCF is the flagship fund of the UN Framework Convention on Climate Change (UNFCCC). It was established in Cancún, Mexico, in 2010 at the 16 th Conference of the Parties (COP). The fund is part of the Convention’s financial mechanism, and it is meant to provide balanced funding for climate change mitigation and adaptation projects in developing countries. The GCF aims to help deliver on a 2009 pledge from developed countries to mobilise US$100 billion per year by 2020 for climate mitigation and adaptation activities. (See BioRes, 21 May 2014 ) The GCF itself is not meant to secure US$100 billion per year, but rather to help “leverage and crowd in additional financing” from the private sector or development banks, and both developed and developing countries have...

Tags: Climate Change, Climate Change, UNFCCC

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