Which of the following statements regarding ‘Green Climate Fund’ is/are correct?

1. It is intended to assist the developing countries in adaptation and mitigation practices to counter climate change.
2. 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

Answer: (a)        

Explanation:

• 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.