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- It is a fund within the framework of UNFCCC
- UN backed fund.
- It is founded to assist developing countries in adaptation and mitigation practices to counter climate change.
- Formed in 2010
- First mention of concept in Copenhagen Accord in CoP-15
- Formally in CoP-16 at Cancun.
- WB is chosen as a temporary trustee of the fund.
- HQ : Incheon, South Korea
- It is intended to be the centrepiece of efforts to raise Climate Finance of $100 billion a year by 2020. This is not an official figure for the size of the Fund itself, however.
- No clarity about from where money will come in this fund.
- Why in news? GCF has approved US $43.4 million for enhancing climate resilience for millions of people living in India’s coastal communities as part of its efforts to combat extreme impacts of climate change.