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COP 26 in Glasgow

·         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.

·         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.

·         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.

·         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?

·         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.

·         The monetary mechanism conjointly serves the Kyoto Protocol and therefore the Paris Agreement.

·         The Convention states that the operation of the financial mechanism is entrusted to 1 or a lot of existing international entities.

·         The world environment Facility(GEF) has served as an operating entity of the money mechanism since the Convention’s entry into force in 1994.

·         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.

·         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.

·         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.

·         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.

·         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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