Climate change is one of the most important problem faced by mankind today. Realizing the urgency for restricting the emission of Green House Gases ,United Nation Framework convention on climate change(UNFCC) came out with a mechanism to assist countries in their mitigation and adaptation efforts .
The mitigation and adaptation to switch over to climate resilient technologies requires financing from developed and rich countries. UNFCC thus set up the Green Climate Fund in 2011 in the Durban conference.
Since its establishment it needs to be analysed whether Green Climate Fund(GCF) was able to source sufficient finance as planned? If the mitigation and adaptation is to be undertaken as planned then GCF resources need to raise rapidly to an annual amount of 30 billion US dollars.The GCF to be successful requires predictable , significant and ambitious support from developed countries,else there will be no incentive for developing countries to shift towards a climate resilient growth path.Predictability of sufficient finances is thus the key element.
Developed countries may want mitigation.where as developing countries may prefer adaptation.A mechanism to balance adaptation and mitigation taking into consideration the requirement of each country is to be worked out by GCF board.
The success of GCF also depends on how transparent and accountable the system is with participation of people and external oversight to whatever extent possible.
The concerns of the youth, disadvantaged communities ,women and local people need to be factored in. Programmes and policies that support these sections are to be given due share as part of the GCF initiatives.Within India Itself there are several drought prone areas, areas affected by frequent floods,cyclone and other natural hazards.
The low lying island nations like Maldives and thickly populated countries like Bangladesh are under immediate threat from the negative effectivities of climate change.
These provide an overview of the challenges/areas for consideration in the implementation of GCF. Now lets understand in detail the Green Climate Fund(GCF) mechanism.
First of all why do we require such a mechanism?Can developing countries like India compromise on growth for achieving green house gas reduction targets?What is the logic behind developed countries finance the developing countries in this initiative?How can we balance activities that are good for development and good for climate change ?