Green Climate Fund: NABARD’S AMA with GCF (Download PDF)

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National Bank for Agriculture and Rural Development (NABARD) signed an Accreditation Master Agreement (AMA) with the Green Climate Fund (GCF) becoming first Indian organisation to get Direct Access Entity status of the GCF providing first step to access GCF resources.

Image shows GCF Architecture

Image Shows GCF Architecture

Image shows GCF Architecture

Background

  • India laid down ambitious mitigating goals for Nationally Determined Contributions (INDC) in the Paris Climate agreement (2015). These goals are contingent on low-cost finance from sources like the GCF.
  • Only one project, “Installation of Groundwater Recharge System” in Odisha amounting to $34 million used funds from GCF but several projects are proposed.

What is Green Climate Fund (GCF)?

  • Fund within the framework of the UNFCCC (United Nations Framework Convention on Climate Change), formally established by UNFCCC decision in Durban, South Africa in December 2011
  • Assists developing countries in countering climate change.
  • Centrepiece of efforts to raise Climate Finance of $100 billion a year by 2020 for Paris climate agreement signed in 2015.
  • Supports projects, programmes, policies and other activities in developing country
  • Based in Songdo district of Incheon, South Korea.
  • Governed by a Board of 24 members and initially supported by a Secretariat.

What is NABARD?

  • National Bank for Agriculture and Rural Development (NABARD) an development bank
  • Headquartered at Mumbai
  • Entrusted with “matters concerning credit policy, planning, and operations for agriculture and other economic activities in rural areas”.
  • Actively pursuing financial inclusion and is a member of the Alliance for Financial Inclusion

- Published/Last Modified on: August 24, 2017

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