Which of the following statements regarding ‘Green Climate Fund’ is/are correct?
- It is intended to assist the developing countries in adaptation and mitigation practices to counter climate change.
- It is founded under the aegis of UNEP, OECD, Asian Development Bank and World Bank.
Select the correct answer using the code given below.
[UPSC Civil Services Exam – 2015 Prelims]
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
- The Green Climate Fund (GCF) is a fund within the framework of the UNFCCC.
- It was founded as a mechanism to redistribute money from the developed to the developing world, in order to assist the developing countries in adaptation and mitigation practices to counter climate change. Hence statement 1 is correct.
- The Fund is governed and supervised by a Board that will have full responsibility for funding decisions and that receives the guidance of the COP. Hence statement 2 is not correct.