Climate finance refers to the financial resources that are drawn from public, private and alternative sources of financing – to address climate change and its impacts. Funding is essential in supporting developing countries to reduce greenhouse gas emissions, adapt to the impacts of climate change, and pursue sustainable development.

The conventions like the Kyoto Protocol and the Paris Agreement calls for financial assistance from parties with more financial resources to those that are less capable and more vulnerable. The convention states that the operation of financial mechanisms can be entrusted to one or more existing international entities.

The Global Environment Facility(GEF) has served as an operating entity of the financial mechanism since the convention’s entry into force in 1994. At the 16th Conference of Parties (COP16) of the United Nations Framework Convention on Climate Change held in 2010, the parties established the Green Climate....

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