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

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UPSC CSP Previous Year Paper (2015)

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1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

The Green Climate Fund (GCF) is a fund within the framework of the UNFCCC founded as a mechanism to redistribute money from the developed to the developing world, in order to assist the developing countries in adaptation and mitigation practices to counter climate change.
Arrangements will be concluded between the Conference of the Parties (COP) and the Fund to ensure that it is accountable to, and functions under the guidance of, the COP. The Fund is governed and supervised by a Board that will have full responsibility for funding decisions and that receives the guidance of the COP.