Consider the following statements regarding 39 Green Climate fund 39 1 The fund was designed to be t...........

Environment and Ecology Environment- Institutional Structure

Consider the following statements regarding 'Green Climate fund'

1. The fund was designed to be the main source of financing to help developing countries cut their own greenhouse gas emissions, or plan for future climate change.

2. The amount proposed for this fund is $1 trillion.

Which of the given above statement (s) is/ are correct?

1 Only

2 Only

Both 1 and 2

Neither 1 nor 2

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Explanation:

First statement is correct.

The Green Climate Fund (GCF) is a fund established within the framework of the UNFCCC as an operating entity of the Financial Mechanism to assist developing countries in adaptation and mitigation practices to counter climate change. The GCF is based in Incheon, South Korea. It is governed by a Board of 24 members and supported by a Secretariat.
Second statement is incorrect. The Fund has set itself a goal of raising $100 billion a year by 2020, which is not an official figure for the size of the Fund itself.