Which of the following statements regarding ‘Green Climate Fund’ is/are correct? 1. It is intended to assist the developing countries in adaptation and mitigation practices to counter climate change. 2. It is founded under the aegis of UNEP, OECD, Asian Development Bank and World Bank Select the correct answer using the code given below.
Explanation
Statement 1 is Correct: The Green Climate Fund (GCF) was established to support developing countries in limiting or reducing their greenhouse gas emissions (mitigation) and adapting to the impacts of climate change (adaptation). Statement 2 is Incorrect: The GCF was established by the United Nations Framework Convention on Climate Change (UNFCCC) during the 2010 COP 16 in Cancun, Mexico. It is not founded under the aegis of UNEP, OECD, ADB, or the World Bank.