Green Climate Fund

Green Climate Fund in 2013

United States views on international law [1] in relation to Green Climate Fund: At COP-19, the Parties to the FCCC took several steps toward full operation of the Green Climate Fund (“GCF”), a financial mechanism to support projects and programs in developing countries. An independent GCF secretariat was established and the GCF Board selected an executive director of the GCF. Parties provided initial guidance to the GCF. Arrangements between the COP and the GCF were elaborated in an annex to the report of the COP. U.N. Doc. FCCC/CP/2013/10/Add.1. Further information on the GCF is available at (link resource) unfccc.int/cooperation_and_support/financial_mechanism/green_climate_fund/i tems/5869.php.

Some Aspects of Green Climate Fund

On October 24, 2013, the U.S. Department of State issued a press statement on efforts to mobilize global climate finance generally, available at (Secretary of State website) state.gov/e/oes/rls/other/2013/215831.htm, making particular mention of the GCF:

Multilateral development banks (MDBs) and multilateral climate funds are already playing a transformative role in the transition to a low-emission economy and have the potential to do much more. A series of new activities in 2013 has aimed at sharpening the response of the MDBs to the climate finance challenge. High-level representatives of MDBs and donor countries met twice, in April and October, to advance the agenda on leveraging private investment in climate action. The MDBs reported on work in three important areas: (1) the development of guidelines for offering concessional loans; (2) efforts to better engage the private sector; and (3) progress on tracking of their climate finance, especially on measuring private funds leveraged. More structured exchanges among the MDBs, the private sector, and policymakers to advance the climate finance agenda are planned. Meanwhile, the ongoing development of the Green Climate Fund, including its Private Sector Facility, provides an opportunity to promote a paradigm shift and to test new approaches to catalyzing private investment for mitigation and adaptation in developing countries.

Resources

Notes

1. Green Climate Fund in the Digest of United States Practice in International Law