A case for further refinement of the Green Climate Fund’s 50:50 ratio climate change mitigation and adaptation allocation framework: toward a more targeted approach

Abstract

Created in 2010 and made operational in 2015, the Green Climate Fund (GCF) is expected to become the main mechanism for transferring public and some private funds to non-Annex I countries to address climate change. It aims to achieve a 50:50 balance between adaptation and mitigation financing over time. While there is a diplomatic history leading to this arrangement, we argue the GCF’s allocation strategy requires further refinement if it is to adequately address climate change. We advocate prioritizing climate mitigation over adaptation in funding while not ignoring climate justice concerns all together. We recommend a more targeted approach to its funding allocations based upon the GHGs abatement potential for mitigation or climate vulnerability for adaptation of very specific non-Annex I countries. We believe these refinements will help to improve the efficiency and effectiveness of scarce climate change financing resources required to achieve the Intergovernmental Panel on Climate Change’s (IPCC) central objective of no more than 1.5 °C by 2100, which requires emissions reductions between 70 and 95% (2010 levels) by 2050.