Green Climate Fund (GCF): Role, Capacity Building, and Directions as a Catalyst for Climate Finance

Abstract

The Green Climate Fund (GCF) is one of the several special climate change funds that have been established under Article 11 of the United Nations Framework Convention on Climate Change (UNFCCC). These funds aim to finance climate change activities in developing countries. Previously established funds did not catalyze sufficient funding nor did they balance adaptation and mitigation measures. In 2010, the parties of the UNFCCC sought to change this by establishing the GCF which is expected to be one of the biggest funds for climate finance. It should provide “additional and new” funds of up to $100 billion a year, starting from 2020, through the mobilization of public and private sources and development aid (see Cui and Huang 2018). At the Paris meeting in 2015, the negotiating parties decided that the GCF should serve the Paris Agreement, alongside other funds. The GCF is located in Incheon, South Korea.