Q 49.Which of the statements regarding ‘Green Climate Fund’ is/are correct?
- It is intended to assist the developing countries in adaption and mitigation practices to counter climate change.
- It is founded under the aegis of UNEP, OECD, Asian Development Bank and World Bank.
Select the correct answer using the code given below:
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
The correct answer is 1 only.
- Green Climate Fund (GCF)
- The Global Climate Fund (GCF) was established as a mechanism to move funds from the developed to the developing world to support developing nations in their use of adaptation and mitigation strategies to combat climate change. Therefore, statement 1 is true.
- Under Article 11 of the Convention, it was chosen as an operating entity of the UNFCCC financing system.
- It is governed and supervised by a Board that will have full responsibility for funding decisions and that will receive guidance from the Conference of the Parties (COP), according to arrangements to be reached between the COP and the Fund to ensure that it is accountable to and operates under the guidance of the COP.
- It is governed and supervised by a Board that will have full responsibility for funding decisions and that receives the guidance of the COP. Hence statement 2 is not correct.
- It is headquartered in Incheon, South Korea’s new Songdo area.
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