Context:
India, along with 12 other countries and a regional alliance of African nations recently announced plans to establish a national platform for climate and nature finance, at COP30 in Belem, Brazil. The initiative is coordinated through the Green Climate Fund (GCF).
About Green Climate Fund (GCF):
The GCF is a global fund established in 2010 to support developing countries in combating climate change.
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- Headquartered in Songdo, South Korea, it serves as a key part of the UNFCCC’s financial mechanism, helping countries pursue low-emission and climate-resilient development pathways in line with the Paris Agreement.
- It is largest global mechanism for funding climate action in developing countries, which has committed $19 billion since its inception in 2015 across 134 countries.
- The fund aligns with Article 9.1 of the Paris Agreement, which obligates developed countries to provide climate finance for mitigation and adaptation.
- Headquartered in Songdo, South Korea, it serves as a key part of the UNFCCC’s financial mechanism, helping countries pursue low-emission and climate-resilient development pathways in line with the Paris Agreement.
Main goals of the GCF:
1. Support developing nations: Provides financial and technical assistance to reduce greenhouse gas emissions and adapt to climate impacts.
2. Fund mitigation and adaptation: Strives for an equal balance between funding for emission reduction (mitigation) and adaptation to climate change.
3. Mobilize public and private finance: Encourages investment from both international and national sources.
4. Support NDCs: Helps countries implement their Nationally Determined Contributions, i.e., their climate action plans under the Paris Agreement.
Need for a platform:
Despite the GCF’s scale, only a quarter of its funds had been properly allocated by 2024. Developing countries often face challenges in navigating the GCF’s complex disbursal procedures and lack sufficient technical support. The proposed “country platform” aims to address these issues by:
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- Moving away from a fragmented approach to climate finance access.
- Enhancing coordination between central, state, and private actors in India.
- Facilitating efficient utilization of funds for adaptation and mitigation projects.
- Moving away from a fragmented approach to climate finance access.
Conclusion:
The platform is expected to reduce fragmentation, improve access to climate finance, and strengthen India’s ability to implement adaptation and mitigation projects. It also positions India as a global leader among developing countries in advocating for transparent and effective climate finance mechanisms.
