![]() While there is not yet a fixed decision on the GCF’s financial size, it will be a vital instrument for channelling a significant share of the US$100 billion that has been promised annually by developed countries by 2020 for climate action in developing countries.Īdditional steps to put the GCF into operation were taken through the approval of its Governing Instrument at COP17 in Durban (in 2011). The GCF can play a central role here by directing financial resources to these countries, generating knowledge and experience, and promoting successful practices. While countries can expect low-carbon development to pay off economically, developing countries will require technological and financial support from developed countries to make this shift. Yet the development pathways of developing countries also need to shift. This must be matched with the provision of large financial resources to the fund.ĭownload the policy brief How can the Green Climate Fund initiate a paradigm shift? The GCF can create the conditions for achieving a paradigm shift by providing clear incentives and guidance for ambitious proposals by governments and sub-national actors, by developing access modalities that ensure strong country ownership by supporting the necessary capacity development, and by encouraging robust knowledge sharing. ![]() Strong country ownership is essential for a paradigm shift to occur and important for ambition it will ensure that new ways of working endure in the long term.A paradigm shift might imply moving to more programmatic approaches, for example approaches covering whole sectors or economies.This requires ambition, in the design of funded activities and in the provision of financial resources to the GCF. The objective of the Green Climate Fund is to achieve a paradigm shift towards low-carbon and climate-resilient development pathways.‘Business as usual’ is not an option if we are to achieve this we need “ a global remodelling of economy and society towards sustainability comparable with the two great revolutions which have crucially shaped world history: the Neolithic Revolution (the diffusion of arable farming and animal husbandry) and the Industrial Revolution (the transition from an agrarian to an industrial society)”.This can only be achieved if high-emitting countries, which have the greatest historical responsibility for climate change, meet their responsibilities and decarbonise their economies. The key objectives of the UNFCCC are to limit global warming to below 2☌ (or even 1.5☌) and to make societies more resilient to the expected impacts of climate change. World leaders and governments paved the way for the establishment of the Green Climate Fund (GCF) through the United Nations Framework Convention on Climate Change (UNFCCC) agreements made at the Conference of Parties (COPs) in Copenhagen (2009) and Cancún (2010). ![]()
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