09, Mar 2018 | CJP Team
The Green Climate Fund (GCF) recently authorised little over $1 billion to be put towards 23 initiatives to aid developing nations in cutting emissions and adapt to climate change, the Thomson Reuters Foundation reported. The GCF is a global climate fund that has been established by the United Nations, and this is the most its board has authorised in one sitting. It also adopted a policy to protect indigenous people, who commonly live in or near forests where GCF intends to support conservation initiatives. Groups involved in formulating the policy said it would aid countries that receive GCF funds in including indigenous people in their climate agenda, and help avert negative effects on indigenous rights. For example, one initiative involves Paraguay’s government and the UN Food and Agriculture Organisation (FAO); it will fund the transition to sustainable forest management to mitigate tree loss and better living standards for around 17,000 families, many of whom are indigenous. Other newly funded projects include a line of credit for rooftop solar systems in India, a clean cooking initiative in Bangladesh, and financial instruments for energy efficient cities in Brazil. The GCF has now allocated around $3.7 billion to 76 initiatives. However, most of the funds have not yet arrived on the ground. In November 2017, the New York Times reported on concerns about the GCF allocating funds to projects without adequate due diligence.