Environment
COP 26 in Glasgow
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Climate finance refers to native,
national or international financing—drawn from public, personal and various
sources of financing—that seeks to support mitigation and adaptation actions
that may address global climate change.
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The Convention, the Kyoto Protocol and
also the Paris Agreement call for monetary assistance from Parties with a lot
of financial resources to those who are less endowed and a lot of vulnerable.
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In accordance with the principle of
“common however differentiated responsibility and individual capabilities”
started out within the Convention, developed country Parties are to provide
monetary resources to help developing country Parties in implementing the
objectives of the UNFCCC.
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The Paris Agreement reaffirms the
obligations of developed countries, whereas for the primary time conjointly
encouraging voluntary contributions by alternative Parties.
What is the financial mechanism?
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What are the
other funds? To facilitate the availability of climate finance, the Convention
established a financial mechanism to produce monetary resources to developing
country Parties.
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The monetary
mechanism conjointly serves the Kyoto Protocol and therefore the Paris
Agreement.
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The Convention
states that the operation of the financial mechanism is entrusted to 1 or a lot
of existing international entities.
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The world
environment Facility(GEF) has served as an operating entity of the money
mechanism since the Convention’s entry into force in 1994.
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At COP
sixteen, in 2010, Parties established the green Climate Fund (GCF) and in 2011
conjointly designated it as an operative entity of the money mechanism.
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The money
mechanism is accountable to the COP, that decides on its policies, programme
priorities and eligibility criteria for funding. additionally to providing
guidance to the GEF and also the GCF, Parties have established 2 special
funds—the Special global climate change Fund (SCCF) and also the Least
Developed Countries Fund (LDCF), each managed by the GEF—and the adaptation
Fund (AF) established under the Kyoto Protocol in 2001.
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At the Paris
global climate change Conference in 2015, the Parties agreed that the operative
entities of the money mechanism – GCD and GEF – also because the SCCF and
therefore the LDCF shall serve the Paris Agreement.
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At COP sixteen
in 2010, Parties decided to determine the standing committee on Finance (SCF)
to help the COP in exercise its functions in relation to the money mechanism of
the Convention.
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The UNFCCC web
site includes a climate finance information portal with useful explanations,
graphics and figures for better understanding the climate finance method and as
a gateway to info on activities funded in developing countries to implement
climate action.
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