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The Green Climate Fund is a new international financial institution dedicated to the fight against climate change.
The idea behind it is simple: Rich countries put money into the fund ― they have pledged to raise $100 billion a year by 2020 ― which will then be directed to poor countries to support their climate adaptation and mitigation plans.
The GCF officially launched at the 2011 U.N. Climate Change Conference in Durban, South Africa, and is currently governed by a board of 24 members and an interim secretariat.
The first meeting of the board was held in Geneva in August this year and elected Zaheer Fakir of South Africa and Ewen McDonald of Australia as its two co-chairs for one year.
The next meeting is due in Songdo from Oct. 18-20, where the location of the fund’s headquarters is expected to be decided.
It is envisioned to support projects, programs, policies and other activities in developing countries, but most of the key details, including how to raise and distribute funds, are yet to be drawn up.
(milaya@heraldcorp.com)
The idea behind it is simple: Rich countries put money into the fund ― they have pledged to raise $100 billion a year by 2020 ― which will then be directed to poor countries to support their climate adaptation and mitigation plans.
The GCF officially launched at the 2011 U.N. Climate Change Conference in Durban, South Africa, and is currently governed by a board of 24 members and an interim secretariat.
The first meeting of the board was held in Geneva in August this year and elected Zaheer Fakir of South Africa and Ewen McDonald of Australia as its two co-chairs for one year.
The next meeting is due in Songdo from Oct. 18-20, where the location of the fund’s headquarters is expected to be decided.
It is envisioned to support projects, programs, policies and other activities in developing countries, but most of the key details, including how to raise and distribute funds, are yet to be drawn up.
(milaya@heraldcorp.com)
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Articles by Korea Herald
