[ENG] background info on climate funds

The Green Climate Fund (GCF) is a fund within the framework of the UNFCCC founded as a mechanism to transfer money from the developed to the developing world, in order to assist the developing countries in adaptation and mitigation practices to counter climate change. It is intended to be the centrepiece of efforts to raise Climate Finance of $100 billion a year by 2020. This is not an official figure for the size of the Fund itself, however. Areas that require further investigation and visualisation: ·         Transparency is an issue, given the complexity of this architecture. ·         Where this funds go too: most of the money is going towards financing mitigation projects in countries that are not the main source of climate change and need adaptation schemes. ·         Disputes also remain as to whether the funding target will be based on public sources, or whether "leveraged" private finance will be counted towards the total. Only a fraction of this sum had been pledged as of July 2013, mostly to cover start-up costs. The global climate finance architecture is complex: finance is channelled through multilateral funds – such as the Global Environment Facility and the Climate Investment Funds – as well as increasingly through bilateral channels directly between countries. In addition, a growing number of recipient countries have set up national climate change funds that receive funding from multiple developed countries in an effort to coordinate and align donor interests with national priorities. 

There is generally much more transparency about the status of implementation of multilateral climate finance initiatives than of bilateral climate finance initiatives. The proliferation of climate finance mechanisms increases the challenges of coordinating and accessing finance.

Tipo de post

Blog

Fecha de publicación

25/10/2013

Autor

stefi