Funds and financial entities

Jul 10, 2023

The GEF is an operational entity of the financial mechanism of the Convention that provides financial support to the activities and projects of developing country Parties. The COP regularly provides guidance to the GEF. The GEF, as an entity entrusted with the operation of the Financial Mechanism of the Convention, also serves the Paris Agreement.

The GCF is an operating entity of the financial mechanism of the Convention and is accountable to and functions under the guidance of the COP. It is governed by a Board comprising 24 members (with equal numbers from developed and developing country Parties) and is intended to be the main fund for global climate change finance in the context of mobilizing USD 100 billion by 2020.

The Special Climate Change Fund (SCCF) was established to finance activities, programmes and measures relating to climate change, that are complementary to those supported by other funding mechanism for the implementation of the Convention. The Global Environment Facility (GEF) has been entrusted to operate the SCCF. The SCCF, administered by the GEF, also serves the Paris Agreement.

The COP established the Least Developed Countries Fund (LDCF) to support the Least Developed Country Parties (LDCs) work programme and assist LDCs carry out, inter alia, the preparation and implementation of national adaptation programmes of action (NAPAs). The Global Environment Facility (GEF) has been entrusted to operate the LDCF. The LDCF, administered by the GEF, also serves the Paris Agreement.

The Adaptation Fund was established to finance concrete adaptation projects and programmes in developing country Parties that are particularly vulnerable to the adverse effects of climate change. The Adaptation Fund is financed by a 2 per cent share of the proceeds from certified emission reductions issued by the Executive Board of the Clean Development Mechanism and from other sources of funding.