India’s National Bank for Agriculture and Rural Development (NABARD) has signed an Accreditation Master Agreement (AMA) with the Green Climate Fund. With the signing of the AMA, NABARD becomes the first Indian organisation to get Direct Access Entity status and is the first step for the body to access GCF resources.
The GCF was set up in 2010 under the UNFCCC’s financial mechanism to channel funding from developed countries to developing countries to allow them to mitigate climate change and also adapt to disruptions arising from a changing climate. It was central to the Paris climate agreement signed in 2015, that the world’s largest historical emitter.
The Green Climate Fund will support projects, programmes, policies and other activities in developing country Parties using thematic funding windows.
It is intended to be the centrepiece of efforts to raise Climate Finance of $100 billion a year by 2020.
The Fund will promote the paradigm shift towards low-emission and climate-resilient development pathways by providing support to developing countries to limit or reduce their greenhouse gas emissions and to adapt to the impacts of climate change, taking into account the needs of those developing countries particularly vulnerable to the adverse effects of climate change.
The Fund will strive to maximize the impact of its funding for adaptation and mitigation, and seek a balance between the two while promoting environmental, social, economic and development co-benefits and taking a gender-sensitive approach.
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. The Fund is accountable to and functions under the guidance of, the COP.