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Title The limitations of Global Environment Facility as a financial mechanism of the UNFCCC and suggestions for institutional reform
Journal name Asian Journal of Climate Change and Sustainable Development: Law, Economics and Politics
Author Bora Youn
Co_author -
Section Journal
Number Vol.1 No.1
Date 2012.04
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Abstract

 

Under the United Nations Framework of Convention on Climate Change (UNFCCC), developed countries are not only responsible for mitigation and adaption but also for financing and technology transfer to developing countries. The provisions on financing and technology transfer were included mainly because of historical responsibility of developed countries and lack of capacity of developing countries. In the past Conference of the Parties (COP) meetings, climate finance has gradually been emerging as one of key agendas. The emergence of climate finance in COP meetings can be explained by inevitable scientific evidence that climate change is dangerous, significant financing needs to address climate change, and diminutive financial flows and investment compared to the required cost to limit global warming. This paper attempts to prove that the short-comings in climate finance are most likely contributed by an ineffective financial mechanism of the UNFCCC, the Global Environment Facility (GEF). After analyzing the limitations of the GEF, my paper makes suggestions for institutional reform of the mechanism since it is lacking its originally intended function.

 

 

 

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