UPSC CSE Prelims 2015
Statement 1 is correct. The Green Climate Fund (GCF) operates as a financial mechanism under the United Nations Framework Convention on Climate Change (UNFCCC). Its core mandate is to support developing countries in their efforts to implement adaptation and mitigation practices to counter the adverse effects of climate change. It aims to channel financial resources from developed to developing nations to foster low-emission and climate-resilient development.
Statement 2 is incorrect. The GCF was not founded under the aegis of UNEP, OECD, Asian Development Bank, or the World Bank. While the World Bank initially served as an interim trustee, the GCF is governed by its own independent Board. Its formal establishment took place during the 16th Conference of the Parties (COP16) to the UNFCCC in Cancun, Mexico, in 2010.
Option (B) is incorrect because Statement 2 provides inaccurate information regarding the founding bodies of the GCF.
Option (C) is incorrect as it includes the factually inaccurate Statement 2.
Option (D) is incorrect because Statement 1 correctly describes a fundamental purpose of the Green Climate Fund.