The Green Climate Fund (GCF) is a new global fund created to support the efforts of developing countries to respond to the challenge of climate change. The GCF helps developing countries limit or reduce their greenhouse gas (GHG) emissions and adapt to climate change. It seeks to promote a paradigm shift to low-emission and climate-resilient development, taking into account the needs of countries that are particularly vulnerable to climate change impacts.
The GFC was established in 2010 at the 16th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), as part of the financial mechanism of the Convention.
The GCF aims to catalyze a flow of climate finance to invest in low-emission and climate-resilient development, driving a paradigm shift in the global response to climate change. The innovation is to use public investment to stimulate private finance, unlocking the power of climate-friendly investment for low emission, climate resilient development. To achieve maximum impact, GCF seeks to catalyze funds, multiplying the effect of its initial financing by opening markets to new investments.
In 2014, at the GCF donor conference, Italy pledged to contribute to the first capitalization of the Fund with 250 million euros and the Italian Ministry for the Environment (IMELS) provided 200 million euro until 2018.
Italy is steadily supporting the Green Climate Fund, as a key operating entity of the Financial Mechanism of the UNFCCC. IMELS, in the context of its bilateral programmes, is supporting developing countries partners in accessing the resources of the GCF and developing projects through existing accredited entities.
All developing countries Parties to the Convention are eligible to receive resources from the Fund. The Fund will support developing countries in pursuing project-based and programmatic approaches in accordance with climate change strategies and plans, such as low-emission development strategies or plans, nationally appropriate mitigation actions (NAMAs), national adaptation plans of action (NAPAs), national adaptation plans (NAPs) and other related activities.
There are two ways of accessing financing:
• Direct access: recipient countries are allowed direct access through accredited sub-national, national, and regional entities (AEs) they propose and set up, as long as such entities fulfil certain fiduciary standards.
• International access: recipient countries may also access the Fund through accredited international bodies, including United Nations agencies, multilateral development banks, international financial institutions and regional institutions.
The list of Accredited Bodies can be found hereinafter.
As for all information regarding project financing requests: firstname.lastname@example.org.
The list of approved projects and programmes is available here.