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Global Environment Facility ( GEF )
Global
environment Facility was created in 1991 as a result of mounting concern in the
preceding decade over global environmental problems and efforts to formulate
financing responses to address these problems. Of the many ideas for financing
environmentally beneficial projects proposed by various governmental and
non-governmental institutions, the GEF was the one which finally received the
necessary political and financial support. The GEF is funded by donor nations,
who commit money every four years through a process known as GEF replenishment.
The GEF makes these grants available to developing countries and economies in
transition to support actions to address critical threats to the global
environment in the areas related to biodiversity, climate change, international
waters, land degradation, the ozone layer and persistent organic pollutants.
Apart from serving as the financial mechanism of UNFCCC, GEF also serves as the
financial mechanism of other Conventions, namely Convention on Biological
Diversity (CBD), the Stockholm Convention on POPs and the UN Convention to
Combat Desertification (CCD).
Green Climate Fund ( GCF )
The Green Climate Fund (GCF) is
designated as an operating entity of the Financial Mechanism of the United
Nations Framework Convention on Climate Change (UNFCCC), which is accountable
to and will function under the guidance of the Conference of the Parties (COP).
It has been formed in accordance with article 11 of the Convention, and has
been founded within the framework of the UNFCCC as a mechanism to transfer
money from the developed to the developing world, in order to assist the
developing countries in adaptation and mitigation actions to combat climate
change. The formal decision to form this Fund was taken at the 15th CoP in
Copenhagen. And it is expected that the GCF would deliver a significant portion
of the climate finance pledge by developed countries to mobilize $100 billion
per year by 2020 for mitigation and adaptation in developing countries.
Why was there a need to set up the Green Climate Fund , when already the GEF was set up ?
With the growing realization about the
large amount of resources that would be required for climate change mitigation
and adaptation, especially in developing countries and also with fourth
assessment report of the IPCC establishing this fact. It became evident that
the funding and operational arrangements under the Global Environment Facility
were inadequate, and there was a need for major and urgent reforms in the
financial mechanism. With this, the developing countries initiated the talks on
the need of a new green fund to carry out the full mandate of provision of
financial resources to developing countries exclusively dedicated to climate change,
unlike GEF which serves broader areas of global environment. Moreover, the GEF
is based on voluntary contributions rather than being based on the principle of
assessed contributions, which generates concerns over the political neutrality
of the Fund. It was established at that time without any legal capacity and
there were also other concerns, like lack of financing for adaptation. This is
also because adaptation targets local impacts and associated vulnerabilities
rather than generating global benefits, which the GEF mandates. Most
importantly the funds received under the climate change focal area in GEF were not in line with
the actual requirement of funds, and neither was the scope of GEF large enough
to channel and disburse a significant part of the US $100 billion pledged under
long term
finance by developed countries, which would now flow through the Green Climate Fund.
All these reasons lead to the formation of the Green Climate Fund.
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