Green Climate Fund Current Affairs

Maharashtra Government to raise $270 m from Green Climate Fund

The 2030 Water Resources Group (2030WRG) has decided to help the Maharashtra Government to raise $270 million from the Green Climate Fund (GCF).

The amount raised will be invested in state government’s integrated watershed programmes such as Jalyukt Shivar Yojana which has successfully augmented the ground water in drought affected areas of the state.

Moreover, the raised fund will be also used to further connect efficient use of water at the village level, where the fund will be useful for technology and infrastructure development. It will also be used in crop diversification and adding market linkages.

Maharashtra Water Resources Multi-Stakeholder Platform (MWRMP)

2030WRG along with the Maharashtra Government have launched the MWRMP to address critical water resources challenges in the State. The platform will be chaired by the Chief Secretary of Maharashtra.

The platform aims to accelerate water use efficiency programme in irrigated areas, along with agriculture growth and income enhancement. It will also develop public-private-community partnership models for implementation of the programmes. It will develop viable financing solutions, including blended finance models for promoting efficient use of water. 

2030WRG

The 2030WRG is hosted by the International Finance Corporation (IFC), a member of the World Bank Group. It is a public-private-civil society collaboration for water resources reform in developing economies. Its ultimate aim is to close the gap between water demand and supply by the year 2030. It facilitates open, trust-based dialogue processes to drive action on water resources reform in water stressed countries in developing economies.

Green Climate Fund (GCF)

The GCF is a fund under the UN. It is guided by the principles and provisions of the UN Framework Convention on Climate Change. It aims to help developing countries to finance clean energy projects other mitigation efforts and adaptation to climate change.

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NABARD inks AMA with Green Climate Fund

The National Bank for Agriculture and Rural Development (NABARD) has signed an Accreditation Master Agreement (AMA) with the Green Climate Fund (GCF).

With this, NABARD becomes the first Indian organisation to get Direct Access Entity status of the GCF. It is also considered as the first step for the NABARD to access GCF resources.

Background

India has laid down ambitious mitigating goals under the Intended Nationally Determined Contributions (INDC) submitted in the Paris Climate agreement signed in 2015. But these goals are contingent upon receiving low-cost finance from sources like the GCF. Till now, only one project, Installation of Groundwater Recharge System in Odisha amounting to $34 million is underway using funds from GCF. Several projects have been proposed and are in the pipeline.

About Green Climate Fund (GCF)

The GCF is a fund within the framework of the UNFCCC (United Nations Framework Convention on Climate Change) to assist developing countries in adaptation and mitigation practices to counter climate change.  It was formally established by a UNFCCC decision in Durban, South Africa in December 2011. It was intended to be the centrepiece of efforts to raise Climate Finance of $100 billion a year by 2020.

It is a mechanism to assist the developing countries in adaptation and mitigation practices to counter climate change by redistributing money contributed by the developed countries. It supports projects, programmes, policies and other activities in developing country Parties using thematic funding windows. The GCF is based in the new Songdo district of Incheon, South Korea. It is governed by a Board of 24 members and initially supported by a Secretariat. GCF was central to the Paris climate agreement signed in 2015.

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