The Green Climate Fund is a global fund established to deal with the varied consequences of climate change throughout the world. It has its roots in demand for developed and developing countries to adapt to the changing climate. As the leading nation in the economy, the USA is already taking significant steps to adapt to the climatic variations. With the increase of global warming, the sea-level is also mounting, and causing a major impact on the coastal regions. So, the city of Miami is focusing on developing an infrastructure plan which has been modeled such that the rising water-scale is taken care of.
Seeing the urgency of similar awareness in the rest of the world, the Green Climate Fund has been developed to assist the developing states in dealing with climate change, if they lack the funding of their own to do so.
Origin of the Green Climate Fund
Established in 2010 under the domain of the United Nations Framework Convention on Climate Change (UNFCCC), the GCF was a measure taken to combat the challenge of climate change. This fund was passed in the 16th Conference of Parties in 2010 under the Cancun Agreement which discussed the adverse effects of carbon footprints on the climate.
It targets at collecting 100 billion US$ by the year 2020, as climate finance for the world. GCF is based in Incheon, South Korea. At present, GCF aims at giving financial aid to all countries who wish to reduce their carbon footprints and make a better tomorrow.
Accountability of the Green Climate Fund
In all the lights of nobility, people are often found questioning the responsibility of the GCF, and it seems unclear whether the money is being put to good use. Therefore, we have collated certain vital factors that contribute to the credibility of the funding service.
● Information Disclosure Policy (IDP)
GCF purposes maintaining complete transparency with its stakeholders and the masses by allowing a continuous flow of information from their end. The Information Disclosure Policy (IDP) has been laid down by them to ensure clear terms of disclosing different types of information to the public. While some details are announced at regular intervals, some are released only upon request. This transparent communication makes it easier for them to analyze public behavior and responses. They are then left with ample time to work on certain constructive feedback received from the enthusiasts.
● Independent Evaluation Unit
The IEU department of GCF works on certain principles, as follows:
- It has to inform the GCF Board of all developments and disseminate the news ahead.
- IEU releases the periodic evaluations of the performance of GCF so that everyone is aware of the efficiency and capability of the institution.
- It sends the evaluation reports to the UNFCCC so that their guardian body is in a loop of all their functionalities and activities.
Therefore, IEU acts as a filter between the mass and GCF so that only verified and valid data reaches us.
● Independent Integrity Unit (IIU)
Most people have trust issues upon funding services, no matter which organization authorizes them. To deal with this, GCF has the Independent Integrity Unit which monitors all actions related to it. Integrity is of foremost importance at the organization of GCF, and so, IIU makes sure that all the staff and members related to the agency follow a decorum. This even applies to the stakeholders and other intermediaries.
All the allegations of misconduct, corruption, and fraud are investigated by IIU. They also strongly condemn and take strict actions against violence, abuse, and other coercive practices. IIU is solely responsive towards the forth-coming prospects of GCF and works for preventing all problems which might arise in the future. For this, it also suggests amendments to the laws and policies of GCF.
● Independent Redress Mechanism (IRM)
There is a dedicated branch in the council of GCF that provides redress to all the people who come with a query or complaint, called the Independent Redress Mechanism (IRM). Several GCF projects are running all over the world, and people might be adversely affected by any of them. In case of any failed implementation by GCF, IRM should be contacted immediately. If you happen to notice any environmental and social violations also, IRM is the official go-to.
From the structured operations of the Green Climate Fund, it is clear that it wishes to support the best of the projects to save the environment as much as possible. It is using collective financial support to serve the natural assets of the world and is also making use of private aid to maximize its domain. While it may seem a far-fetched goal to restore the climatic conditions, initiatives like GCF will surely go a long way in the future.