Green Climate Fund Earmarks Over $1bn for Climate Change Mitigation

The United Nations’ Green Climate Fund (GCF) has now approved more than US$1 billion for projects to help developing countries to tackle the effects of climate change — although almost none of the money has yet been handed out.

The fund, a UN flagship programme to channel cash for climate mitigation and adaptation to poorer countries, was established in 2010. But it took years to get off the ground, and has been widely criticized for a lack of accountability and transparency. Before last December’s climate talks in Paris, it had been pledged $10.2 billion by rich nations, but had approved only $168 million for 8 climate projects.

This year, it has vowed to hire more staff and approve some $2.5 billion in funds. In July, it approved $256.6 million for 9 proposals. And at a board meeting last week at its headquarters in Songdo, South Korea, the fund cleared 10 new proposals worth $745 million, bringing its total so far to $1.17 billion for 27 projects.

http://www.nature.com/news/green-climate-fund-earmarks-more-than-1-billion-for-developing-countries-1.20834

Martin

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