Which of the following statements regarding lsquo Green Climate Fund rsquo is are correct 1 It is in...........

Environment and Ecology Envirnment and Climate Change

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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.

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

It is intended to assist the developing countries in adaptation and mitigation practices to counter climate change: This statement is correct. The Green Climate Fund (GCF) is indeed intended to assist developing countries in financing both adaptation and mitigation projects and practices to address the impacts of climate change.

It is founded under the aegis of UNEP, OECD, Asian Development Bank, and World Bank: This statement is incorrect. The Green Climate Fund (GCF) was established under the United Nations Framework Convention on Climate Change (UNFCCC) and is governed by a board of directors. While various organizations, including the United Nations Environmental Programme (UNEP), are involved in climate finance, the GCF operates independently within the UNFCCC framework.

Therefore, only statement 1 is correct.