|1. It is intended to assist the developing countries adaptation and mitigation practices to counter climate change.
|2. It is founded under the aegis of UNEP, OECD, Asian Development Bank and World Bank.
A) 1 only
B) 2 only
C) Both 1 and 2
D) Neither 1 nor 2
Correct Answer: A
Solution :The Green Climate Fund (GCF) is a fund within the framework of the UNFCCC founded as a mechanism to redistribute money from the developed to the developing world, in order to assist the developing countries in adaptation and mitigation practices to counter climate change. The Green Climate Fund was designated as an operating entity of the financial mechanism of the UNFCCC, in accordance with Article 11 of the Convention. Arrangements will be concluded between the Conference of the Parties (COP) and the Fund to ensure that it is accountable to, and functions under the guidance of, the COP. The Fund is governed and supervised by a Board that will have full responsibility for funding decisions and that receives the guidance of the COP.
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