Question

What is Green Climate Fund (GCF)?

• A. A global carbon trading platform
• B. A fund to compensate countries for loss and damage due to climate change
• C. A technology transfer platform for climate-friendly technologies
• D. A financial mechanism under the UNFCCC to support climate action in developing countries

Hint:

• The Green Climate Fund (GCF) is the world's largest dedicated climate fund.
• It was established under the UNFCCC (United Nations Framework Convention on Climate Change).
• Its goal is to help developing countries reduce their greenhouse gas emissions (mitigation) and adapt to the impacts of climate change (adaptation).
• It serves as a key financial instrument to support the goals of the Paris Agreement.

Answer 1

The Correct Option is D

The Green Climate Fund (GCF) was established within the framework of the United Nations Framework Convention on Climate Change (UNFCCC) as an operating entity of its financial mechanism. Its primary purpose is:

• To assist developing countries in their efforts to respond to the challenge of climate change by supporting projects, programmes, policies, and other activities for both mitigation (reducing greenhouse gas emissions) and adaptation (building resilience to climate impacts).
• It aims to promote a paradigm shift towards low-emission and climate-resilient development pathways by providing financial resources to developing countries.

Therefore, option (d) "A financial mechanism under the UNFCCC to support climate action in developing countries" accurately describes the GCF. Let's look at other options: Option (a) A global carbon trading platform: This describes mechanisms like carbon markets or emissions trading schemes, which are different from the GCF's role as a fund. Option (b) A fund to compensate countries for loss and damage due to climate change: While "loss and damage" is a significant issue under the UNFCCC (and a separate fund for it was agreed upon at COP27), the GCF's mandate is broader, covering mitigation and adaptation projects, though some adaptation projects might address aspects related to loss and damage. It's not solely a compensation fund. Option (c) A technology transfer platform for climate-friendly technologies: While the GCF may fund projects involving technology transfer, it is primarily a financial mechanism, not solely a technology transfer platform itself (though it supports technology development and transfer as part of its funding activities). The UNFCCC also has a separate Technology Mechanism. \[ \boxed{\parbox{0.9\textwidth}{\centering A financial mechanism under the UNFCCC to support climate action in developing countries}} \]