Rich nations should capitalize Green Climate Fund: India
Expressing concerns over the empty coffers of the Green Climate Fund (GCF), India urged rich countries to give their consent to a road-map for its capitalization by 2015 – the year the world will have a universal global climate treaty.
Speaking at the ‘Major Economies Forum’ (MEF) in Paris, India’s Environment minister Prakash Javadekar also suggested that part of GCF, which was launched in 2009-10, should be used for funding critical technologies and buying Intellectual Property Rights (IPRs) so that it can be made available to developing nations free of cost.
He referred to the annual Budget to inform that India had had taken a number of measures to fight climate change including earmarking Rs 100 crore for National Adaptation Fund, launching of mission for Himalayan region, Clean Ganga mission and hike in cess on coal from Rs 50 a tonne to Rs 100 a tonne.
Green Climate Fund (GCF)
GCF is a fund within the framework of the UNFCCC set up as a mechanism to transfer money from the developed nations to the developing countries, in order to help the developing nations in adaptation and mitigation practices to tackle climate change. The GCF is based in the new Songdo district of Incheon, South Korea. It is managed by a Board of 24 members.
The GCF will support projects, programmes, policies and other activities in developing nations. It intends to be the fulcrum of efforts to increase Climate Finance of $100 billion a year by 2020.