Paper: GS – III, Subject: Environment and Ecology, Topic: Global Efforts, Issue: Green Climate Fund.
Context:
India is set to enhance its mechanisms for accessing climate finance by establishing a national platform for “climate and nature finance.” This initiative, announced at a ministerial event during COP30 in Belem, Brazil, aims to improve the country’s ability to tap into resources from the Green Climate Fund (GCF).
Key Takeaways:
| About Green Climate Fund: It is the world’s largest dedicated climate fund which was set up at COP 16 held in Cancun in 2010. It is an operating entity of the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC). It is mandated to support developing countries raise and realize their Nationally Determined Contributions ambitions towards low-emissions, climate-resilient pathways. The GCF is a legally independent institution with a fully independent secretariat headed by an Executive Secretary. The Secretariat, located in Songdo South Korea, began its work in December 2013. |
Background:
Green Climate Fund (GCF):
- It has committed $19 billion, but only a quarter has been allocated as of 2024.
- The GCF has faced criticism from developing countries due to complex disbursal procedures and limited technical support.
- A key goal of the GCF is to evenly split funds between adaptation and mitigation projects.
GCF Support for India: Current Projects:
- As of August 2024, India has received commitment from the GCF for 11 projects worth $782 million.
- These projects focus on mitigating and adapting to climate change in sectors such as water, clean energy, coastal areas, livelihoods, transport, medium and small enterprises, and climate start-ups.
- A significant portion of the financing is in the form of concessional loans.
Nodal Agency: India’s Environment Ministry serves as the primary access point (or the Nodal Designated Authority) for GCF-linked funding.
New Country Platform for Climate Finance Access:
India’s new “country platform” enhances access to global climate finance by improving coordination and overcoming Green Climate Fund hurdles, reinforcing its leadership in promoting fair, efficient funding for adaptation and mitigation.
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