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Climate fund allots $1bn for poor nations
Why is it in news?
- U.N.-backed fund to help poor countries tackle climate change have approved more than $1 billion in new investments after a four-day meeting in Bahrain.
- The Green Climate Fund approved 19 new projects, including a programme to protect freshwater resources in Bahrain.
- Environmentalists had argued the Gulf nation should pay for the project itself using money it made from its vast reserves of oil and gas.
- Officials also agreed to start seeking new money for the fund next year.
- President Donald Trump’s decision to withhold $2 billion of the $3 billion pledged by predecessor Barack Obama has contributed to a fund shortfall.
Green Climate Fund
- The Green Climate Fund (GCF) was adopted as a financial mechanism of the UN Framework Convention on Climate Change (UNFCCC) at the end of 2011 in CoP 16.
- The GCF is intended to support projects, programmes, policies and other activities in developing country for combating climate change.
- The GCF finances activities to both enable and support adaptation, mitigation (including REDD+), technology development and transfer (including CCS), capacity-building and the preparation of national reports.
- NABARD has been accredited by Green Climate Fund (GCF) Board as one of the National Implementing Entity (NIE) for GCF in India.
- The South Korea-based fund is considered a key vehicle for climate-related development programmes
Source
The Hindu