Please enable JavaScript.
Coggle requires JavaScript to display documents.
Climate financing mechanisms - Coggle Diagram
Climate financing mechanisms
• India got USD 43 million from Green Climate Fund to boost climate resilience in 3 coastal states: Andhra Pradesh, Maharashtra and Odisha.
Climate financing mechanisms
• Green Climate Fund (GCF):
GCF helps developing countries limit or reduce their greenhouse gas (GHG) emissions and adapt to climate change.
It was set up in 2010 as part of UNFCCC’s financial mechanism.
When the Paris Agreement was reached in 2015, the Green Climate Fund was given an important role in serving the agreement and supporting its goal.
GCF aims to catalyze a flow of climate finance to invest in low-emission and climate-resilient development, driving a paradigm shift in the global response to climate change.
• Global Environment Facility (GEF):
It was established on the eve of the 1992 Rio Earth Summit. The World Bank serves as the GEF Trustee, administering the Fund.
GEF funds are available to developing countries and countries with economies in transition to meet the objectives of the international environmental conventions and agreements.
The GEF serves as a "financial mechanism" to five conventions: Convention on Biological Diversity (CBD), United Nations Framework Convention on Climate Change (UNFCCC), Stockholm Convention on Persistent Organic Pollutants (POPs), UN Convention to Combat Desertification (UNCCD), and Minamata Convention on Mercury.
• Special Climate
Change Fund (SCCF):
SCCF was established under the UNFCCC in 2001 to finance projects in all developing country parties relating to: adaptation; technology transfer and capacity building etc.
GEF, as an operating entity of the Financial Mechanism, has been entrusted to operate the SCCF.
• Adaptation Fund:
It was established in 2001 to finance concrete adaptation projects and programmes in developing country, Parties to the Kyoto Protocol that are particularly vulnerable to the adverse effects of climate change.
It is financed with a share of proceeds from the clean development mechanism (CDM) project activities and other sources of funding.
Climate Action Summit
• The UN 2019 Climate Summit was convened in New York on the theme, ‘Climate Action Summit
2019: A Race We Can Win. A Race We Must Win’ by UN Secretary General.
• It has key focus on raising ambition and accelerate action to implement the Paris Agreement.
• Countries were asked to present concrete and realistic plans to enhance their nationally determined contributions by 2020, in line with reducing GHG emissions by 45% over the next decade, and to net zero emissions by 2050.
• 3 percent club was launched which is a new coalition of countries, businesses and international organizations have committed to drive a three percent global increase in energy efficiency each year.