The Board of the Green Climate Fund met in Indonesia in 19 – 21 February 2014 and decided, among other things, to aim for an equal “50:50” balance between fund allocation for climate change mitigation and adaptation over time. It will also aim for a floor of 50 per cent of the adaptation allocation for particularly vulnerable countries, including Least Developed Countries (LDCs), SIDS and African countries. These decisions imply that the Fund has set a goal of allocating no less than 25 per cent of the total funding to vulnerable countries.
The Board focuses, in its first two meetings in 2014, on working towards completing the 8 requirements that are considered to be essential for the Fund to receive, manage, programme and disburse financial resources. The requirements include, among other things, an initial Fund structure and secretariat structure, the Fund’s financial risk management and investment frameworks, initial core performance indicators and an initial result management frameworks, and policies and procedures for the initial allocation of Fund resources. In May this year, the Board will take decisions on the remaining essential requirements. It plans to start its resource mobilization later this year.
The Green Climate Fund was created by Parties at the 2010 UN Framework Convention on Climate Change conference and designated as an operating entity of the Convention’s financial mechanism. Its purpose is to promote the paradigm shift towards low-emission and climate-resilient development pathways by providing support to developing countries. The Fund will provide simplified and improved access to funding, including direct access and activities based on a country-driven approach and encourage the involvement of relevant stakeholders.
Source: Green Climate Fund