Green Climate Fund (GCF)
The Green Climate Fund (GCF) is a new global fund created to support the efforts of developing countries to respond to the challenge of climate change. GCF helps developing countries limit or reduce their greenhouse gas (GHG) emissions and adapt to climate change. It seeks to promote a paradigm shift to low-emission and climate-resilient development, taking into account the needs of nations that are particularly vulnerable to climate change impacts.
It was set up by the 194 countries who are parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2010, as part of the Convention’s financial mechanism. It aims to deliver equal amounts of funding to mitigation and adaptation, while being guided by the Convention’s principles and provisions.
When the Paris Agreement was reached in 2015, the Fund was given an important role in serving the agreement and supporting the goal of keeping climate change well below 2 degrees Celsius. GCF launched its initial resource mobilization in 2014, and rapidly gathered pledges worth USD 10.3 billion.