CURRENT AFFAIRS

Detailed explanation-1: -2021-2026 climate finance funding mechanisms The $5.3 billion climate finance commitment consists of 40% grants and contributions, and 60% Unconditionally Repayable Contributions (URCs), an innovative finance instrument akin to Concessional Loans.

Detailed explanation-2: -At COP 16 held in Cancun, by decision 1/CP. 16, Parties established the Green Climate Fund (GCF) as an operating entity of the Financial Mechanism of the Convention.

Detailed explanation-3: -The Green Climate Fund was established by 194 countries party to the UN Framework Convention on Climate Change in 2010. It is designed as an operating entity of the Convention’s financial mechanism and is headquartered in the Republic of Korea.