The Green Climate Fund (GCF), though the youngest financial mechanism under the United Nations Framework Convention on Climate Change (UNFCCC), is one of the largest multilateral climate funds. However, only 19 percent of direct entities receive this funding, since only accredited entities are eligible to apply for it due to very high transparency and fiduciary standards set by the GCF …
100 billion to tackle climate change is a trillion too short
A decade ago, developed countries pledged to provide developing countries with USD 100 billion each year, from 2020 onwards. The year 2020 came and went and the USD 100 billion was not delivered even in 2021. At COP26 in Glasgow in November 2021, the developed countries apologised for their failure to keep their promise and pledged again to fulfil it. …
Financing for adaptation in Bangladesh
The potential sources of financing for Adaptation in Bangladesh
The need for adaptation finance currently and in the future, Bangladesh will be dictated by the economic losses and damages (L&D) inflicted by the recurring and devastating climatic disasters that visit Bangladesh each year. As of yet there are no authoritative, national-level L&D assessments in Bangladesh, but international development agencies like the Asian Development Bank predict that 2% to 9% …
Recommendations for the Green Climate Fund
Last week the Green Climate Fund (GCF) held a weeklong Global Programming Conference at its headquarters in Songdo, Korea, with over five hundred participants from all over the world. The GCF has recently appointed a new Executive Director, Yannick Glemarec, and is also developing its new strategy and seeking replenishment after the first tranche of USD 10 billion runs out …
GREEN CLIMATE FUND
Supporting climate adaptation should be a priority
The developed countries of the world had agreed under the Paris Agreement to provide USD 100 billion each year, starting from 2020 onwards, to support mitigation as well as adaptation projects in developing countries. The Green Climate Fund (GCF) was set up with its secretariat in Songdo, Korea to handle a significant part of that amount. The GCF was launched …
How Bangladesh can improve access to climate funding
Under the Paris Agreement of the United Nations Framework Convention on Climate Change (UNFCCC), rich countries have promised to provide, collectively, USD 100 billion every year to support the developing countries tackle climate change, both by mitigation and adaptation. The UNFCCC also set up the Green Climate Fund (GCF) with its headquarters in Korea to handle a significant part of …