Green Climate Fund (GCF) backing has been crucial in an emergency relief fund launched today that shields clean energy companies in developing countries from COVID-19 economic shocks to keep low-carbon trajectories on track.
The most recent Intergovernmental Panel on Climate Change (IPCC) Report underlies the urgency of taking global action to halt climate change and deal with its unstoppable effects. The report, released on 9 August 2021, warns that without immediate, rapid and large-scale reductions in greenhouse gas emissions, it will be impossible to limit warming close to 1.5°C or even 2°C.
Established by the United Nations Framework Convention on Climate Change (UNFCCC) in 2010, the Green Climate Fund (GCF) is mandated to help the world avoid the dangerous trajectory highlighted by the IPCC Report by financing climate action in developing countries. GCF bases its activities as the world’s largest dedicated climate fund on the latest scientific evidence. GCF’s Climate Science Lead Kevin Horsburgh provides his synopsis of the IPCC report below.
We need innovation to provide climate solutions. But too many great new ideas die in the so-called ‘valley of death’ – the gap between seed funding for entrepreneurs and the longer-term investment that brings those ideas to market. In tackling this challenge, Southeast Asian entrepreneurs with ideas on how to use technological innovation to tackle climate change have received a fillip with a new partnership between the Green Climate Fund (GCF) and the Korea Development Bank (KDB), supported by the Global Green Growth Institute (GGGI).
The COVID-19 pandemic has brought the world to a tipping point in the fight against climate change. Decisions taken by leaders today to revive economies will have crucial implications for targets enshrined in the Paris Agreement and the Sustainable Development Goals (SDGs).