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United Nations Framework Convention on Climate Change (UNFCCC)
Introduction and background
The United Nations Framework Convention on Climate Change (UNFCCC) was formed in 1992 as a result of a global commitment by countries to cooperatively find solutions to limit global average temperature increased.
There are now 195 Parties to the UNFCC Convention. The convention is support by a secretariat that supports all institutions dealing with matters related to climate change.
There is global recognition of the importance of addressing the adverse effects of climate change. However mitigation and adaption to climate change is an expensive undertaking that needs a collaborative financial support. To this end, we have, in recent years, seen the establishment of two major funds; namely the Adaptation Fundand most recently, the Green Climate Fund.The main purpose of these two funds is to provide the much needed financial supports to efforts of combating climate change.
Source: United Nations Framework Convention on Climate Change
The Adaptation Fund
The Adaptation Fund was established to finance concrete adaptation projects and programmes in developing countries that are parties to the Kyoto Protocol and are particularly vulnerable to the adverse effects of climate change. Over the past two years, the fund has dedicated more than US$165 million to increase climate resilience in 25 countries around the world.
The Green Climate Fund
The Green Climate Fund was designated as an operating entity of the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC), in accordance with Article 11 of the Convention. 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.
