CURRENT AFFAIRS

Detailed explanation-1: -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.

Detailed explanation-2: -Overview. GCF is accountable to the United Nations. It is guided by the principles and provisions of the UN Framework Convention on Climate Change (UNFCCC).

Detailed explanation-3: -The Green Climate Fund has been designated as an operating entity of the financial mechanism of the UNFCCC. The decision to set up the Green Climate fund (GCF) was taken at COP 16 in Cancun on December 2010 and the GCF was operationalized in COP 17 in Durban in 2011.

Detailed explanation-4: -GCF was established by 194 governments to limit or reduce greenhouse gas (GHG) emissions in developing countries, and to help vulnerable societies adapt to the unavoidable impacts of climate change.

Detailed explanation-5: -The Green Climate Fund (GCF) – a critical element of the historic Paris Agreement-is the world’s largest climate fund, mandated to support developing countries raise and realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways.