Following the Green Climate Fund board meeting in Songdo, South Korea, country delegates agreed on procedures to operationalize the fund. Established in 2011, the Green Climate Fund now has clear guidelines for how to channel funds to help developing countries advance low-carbon strategies and implement measures to enhance climate resilience.
The following is a statement by Dr. Andrew Steer, President and CEO, World Resources Institute:
“The Green Climate Fund is now operational and ready for business. The Songdo meeting has created the foundation to unlock funds to expand clean energy and low-carbon infrastructure that are critical to respond to climate change.
“Board members worked collectively, with a common purpose, to get the fund up and running. They struck a delicate balance by establishing vital safeguards while also launching a process to accredit a broad range of institutions to implement projects on-the-ground.
“This accomplishment should boost action on the international climate negotiations heading toward Lima later this year. Now, we need countries to step up and deliver funds at a pace and scale needed to respond to the climate challenge.”