India gets USD 43 million from Green Climate Fund to boost climate resilience in 3 coastal states

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News:India has started a USD 43 million project to boost climate resilience in three coastal states in partnership with the UNDP’s  Green Climate Fund.

Facts:

About the Project:

  • It will be a six year project which will help to build climate resilient livelihoods of 1.7 million people in three coastal states which are Maharashtra, Andhra Pradesh and Odisha.
  • The project will work with communities in restoring ecosystems and promoting climate-resilient livelihood options, such as the sustainable farming of mud crabs.
  • The project has also planned to sequester minimum of 3.5 million tons of carbon dioxide in the next 30 years.
  • The project will be funded by the Green Climate Fund.Further, Indian government will also finance an additional USD 86.8 million towards the project to mainstream and accelerate the impacts of the Green Climate Fund grant.

Additional information:

About Green Climate fund:

  • The Green Climate Fund (GCF) was set up in 2010 as a financial mechanism under the United Nations Framework Convention on Climate Change(UNFCCC).
  • The GCF mechanism allows funding from developed countries to developing countries to allow them to mitigate climate change and also adapt to disruptions arising from a changing climate.
  • The GCF is based in Incheon, South Korea.It is governed by a Board of 24 members and supported by a Secretariat.
  • The Fund also targets societies that are vulnerable to the effects of climate change, in particular Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African States.
  • The fund is intended to be the centrepiece of efforts to raise Climate Finance of $100 billion a year by 2020.