The Green Climate Fund has been designated as an operating entity of the financial mechanism of the UNFCCC. The decision to set up the Green Climate fund (GCF) was taken at COP 16 in Cancun on December 2010 and the GCF was operationalized in COP 17 in Durban in 2011. The GCF is head quartered in Songdo, Incheon City, Republic of Korea.
In the context of sustainable development, the Fund aims to promote a paradigm shift towards low emission and climate-resilient development pathways by providing support to developing countries to limit or reduce their greenhouse gas emissions and to adapt to the impacts of climate change, taking into account the needs of those developing countries particularly vulnerable to the adverse effects of climate change. The Fund will play a key role in channelizing new, additional, adequate and predictable financial resources to developing countries and will catalyze climate finance, both public and private at the international and national levels. The finance is expected to meet the agreed full and incremental costs for activities to enable and support enhanced action on adaptation, mitigation (including REDD-plus), technology development and transfer (including carbon capture and storage), capacity-building and the preparation of national reports by developing countries.
NABARD is accredited as National Implementing Entity in 10th Board meeting of GCF held on 9 July 2015 on fast track (owing to our existing accreditation with Adaptation Fund). NABARD is eligible to submit large size projects having outlay of more than USD 250 million.
Eligible project proponents can submit project concepts or proposals to NABARD in the prescribed formats