Question

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. 

(a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2

Answer 1

(a) The Green Climate Fund (GCF) is a fund within the framework of the UNFCCC 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. The Fund is governed by the GCF Board. The assets of the GCF will be administered by a trustee only for the purpose of, and in accordance with, the relevant decisions of the GCF Board. The World Bank was invited by the COP to serve as the interim trustee of the GCF, subject to a review three years after operation of the Fund.