Green Climate Fund
The Green Climate Fund (GCF) was established within the framework of the UNFCCC (UN Climate Convention) in 2010 during COP16 in Cancun. In addition to the Global Environment Facility (GEF) and its funds, it is part of the financial mechanism of the Climate Convention. Indeed, under the Climate Convention, developed countries have made a commitment to helping developing countries meet their obligations under the Convention.
While the GEF exclusively funds climate mitigation, the Least Developed Countries Fund (LDCF) and the Special Climate Change Fund (SCCF), both of which are managed by GEF and fund climate adaptation and technology transfer, the GCF funds both adaptation and mitigation-related activities.
The GCF secretariat is headquartered in Songdo, South Korea.
The GCF aims to make a significant and ambitious contribution to the battle against climate change. The GCF is working to achieve a paradigm shift for low-carbon and climate-resilient development, by helping developing countries to reduce their greenhouse gas emissions and supporting them in adapting to the potential impact of climate change. Particular focus is given to vulnerable developing countries, including the least developed countries (LDCs), small-island developing states (SIDS) and African countries.
The aim is to achieve a balance in investments in mitigation and adaptation (50% respectively). At least half of the funding for adaptation should go to the most vulnerable countries (LDCs, SIDS and African countries).
An initial fundraising phase (2014-2019) reached USD 10 billion. For the 2020-2023 period, donors have committed to provide a further USD 10 billion.
Belgian development cooperation contributed EUR 50 million to the GCF during the initial phase. For the period of the first recomposition (2020-2023), Belgium undertook to double its contribution to EUR 100 million. A first instalment of EUR 20 million had already been paid at the end of 2019.
More information: www.greenclimate.fund
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