By Mark Nicholls
Published: September 2013, Issue 21.
The world’s response to climate change is, some say, set to trigger the first predictable industrial revolution, with massive innovation – and investment – deployed to de-carbonise the global economy. Helping to finance that revolution will be a new international financial institution, the Green Climate Fund (GCF), which aspires to be at the centre of potentially hundreds of billions of dollars of so-called
The GCF – set up under the auspices of the UN climate change convention – has an ambitious mandate: to promote a paradigm shift in the economic development of the world’s poorer countries, creating infrastructure that is low-carbon and better able to adapt to the effects of global warming.
And it is likely to be central to the climate change effort over the next decade. “In terms of international climate policies that will get money flowing on the ground between now and 2020, the GCF is pretty much it,” says Miles Austin, London-based executive director of the Climate Markets and Investment
Association, a trade body that is one of several private sector associations currently accredited as an observer organisation to the GCF.
“The GCF has the promise to be a very powerful and well-funded service,” says Lisa Jacobson, the Washington DC-based president of the Business Council for Sustainable Energy. “It could well become the leading source for climate mitigation and adaptation funding.”
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