Consider the following statements with reference to the Green Climate Fund:
1. This fund is aimed to provide money and other assistance to help poorer nations to adapt climate changes
2. The poorer countries can access these funds only via multilateral agencies
3. Most beneficiary countries are in Africa, Asia and small island nations
Choose the correct option from the codes given below:
Poorer countries, particularly in parts of Africa, Asia and small island nations, are the most vulnerable to rising sea levels and more intense droughts and floods that could trigger crop failures, damage infrastructure and disrupt water supplies. They blame the major industrialized nations for pumping large amounts of carbon dioxide from burning fossil fuels into the atmosphere and say those nations should help pay for the cost of adapting to weather extremes.
They also want cash and easier access to clean energy technologies. The fund is supposed to start operating from 2013 and wealthier nations are being urged to pledge money. The fund will provide money and other assistance to help poorer nations shift towards low-nations power generation and adapt to the impacts of climate change, with a focus on the urgent needs of nations highly vulnerable to climate change. Private sector funds can also contribute towards programs. Poorer nations can access funds via multilateral lending agencies or specialist U.N. bodies or directly after an accreditation process. Countries can nominate domestic agencies to access funds but these need to be vetted. Financing can be in the form of concessional lending, grants and other types as decided by the board.
The fund is governed and supervised by a board which has 24 members, appointed for 3 years, and with an equal number from developed and developing countries. Decisions are meant to be by consensus — so far there are no agreed voting rules if that is impossible. Two co-chairs are elected by the board to serve for a year – one from a developed nation and one from a developing country. The current co-chairs are from Australia and South Africa.
The board holds meetings every few months. The fund will be based in Songdo, Incheon City, in South Korea although this decision still has to be endorsed by environment ministers at the U.N. climate talks in Doha. South Korea is now under pressure to make the first sizeable contribution to the fund and to get other developed countries to make immediate pledges.
This question is a part of GKToday's Integrated IAS General Studies Module