Climate Funds as a method for tackling the climate change

Author: Maia Tskhvaradze
Keywords: climate change, policy, international agreements
Annotation:

Climate Funds as a method for tackling the climate change Maia Tskhvaradze maia.tskhvaradze@graduateinstitute.ch Department of Geography, Faculty of Exact and Natural Sciences, Iv.Javakhishvili Tbilisi State University, 0179, Tbilisi, I.Chavchavadze #3 Climate change as a global problem is strongly recognized by the international community. On May 9, 1992, UN member states adopted the UN Framework Convention on Climate Change, which provided the basis for a number of political processes in the climate. In 2015, started “new era” for international climate policy. all members of the Convention adopted the New legally binding deal - Paris Agreement, by signing agreement countries (including Georgia) undertook commitments to reduce country emissions and limit the global temperature rise below 2 degrees celsius. Since all countries do not have an equal opportunity to combat climate change, the financial mechanisms has been designed under the Convention which aims to to assist developing countries to cope with this issue. While taking commitements, Georgia stated that implementation would strongly depend on the availability of international support and low cost finance. Therefore accessing current resources is priority. The Green Climate Fund was created in 2010 at the 16th Conference of the Parties (COP 16) in Cancun as the main financial mechanism for the UNFCCC. Through the GCF Developed countries have taken responsibilities to mobilize 100 billion US dollar and help develop developing countries in the fight against climate change as well as adaptation and mitigation measures. In contrast to its predecessor financial mechanisms which provided only grant financing, GCF is providing grants, loans, guarantees and equity, prioritizes engagement of private sector in climate finance, and thus it is the most innovative institution within convencion.