Which of the following statements regarding ‘Green Climate Fund’ is/are correct?1. It is intended to assist 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 codes given below.
✓ Correct answer: a) 1 only
ExplanationAs the world’s largest climate fund, GCF accelerates transformative climate action in developing countries through a country-owned partnership approach and use of flexible financ- ing solutions and climate investment expertise.Statement 1 is correct: Green Climate Fund aims to make an ambitious contribution to attaining the mitigation and adap- tation goals of the international community to counter climate change.The Fund allocates its resources to low-emission and climate-resilient projects and programmes in developing countries.Statement 2 is incorrect: The GCF was established in 2010 by 194 countries party to the United Nations Framework Con- vention on Climate Change (UNFCCC) as an operating entity of the Convention’s financial mechanism.It is not founded un- der the United Nations Environment Programme (UNEP), the Or- ganisation for Economic Co-operation and Development (OECD), the Asian Development Bank (ADB), or the World Bank.Environment and Ecology 513 169
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