The Green Climate Fund and United Nations Development Program on Friday announced the signing of an accreditation master agreement, cementing their commitment to work together to deliver low-emission and climate-resilient developments.
The agreement sets out the terms and conditions for the UNDP to use Green Climate Fund resources, according to a GCF press release. UNDP was accredited with the GCF in March 2015; this agreement solidifies that accreditation.
“UNDP is an important partner for the Green Climate Fund, and the signing of this agreement reflects the progress we are making to support countries around the world in their adaptation and mitigation efforts,” Héla Cheikhrouhou, who is scheduled to step down as GCF executive director, said during the signing ceremony.
The GCF was established under the United Nations Framework Convention on Climate Change to “fund climate action to limit greenhouse gas emissions and support climate-resilient development” in developing nations, according to the release.
The United States and other developed nations have pledged to contribute $100 billion annually to the GCF by 2020. The U.S. portion of that total is $3 billion, $500 million of which has been paid.
The GCF has approved six UNDP projects to address climate change in Armenia, Malawi, the Maldives, Sri Lanka, Tuvalu, and Vietnam.
