Process has begun months before COP 21 in Paris where countries will negotiate the new climate deal
.jpg "Photo courtesy: UNEP")
The Green Climate Fund (GCF), an international fund dedicated to achieving low-emission and climate resilient growth in developing countries, will soon begin allocating funds for projects. Its board has identified the first seven entities which will serve as channels for fund disbursement.
The entities accredited by the board include:
“This is the first time that the GCF Board reviewed applications for accreditation with the Fund. We are excited about our newly approved initial group of partner institutions, as much as about their diversity and geographic representation,” said Héla Cheikhrouhou, executive director of GCF, according to an official press release.
GCF officials expect to receive the first set of funding proposals “very soon”. Of the US $10.2 billion pledged to GCF, only $104 million have been received so far. The GCF aims to accumulate $100 billion by 2020. In that sense, the pledged amount is only 10 per cent of the targeted amount.
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