India Unveiled Plans to Establish Platform for Climate and Nature Finance

Syllabus: GS3/ Environment

In News

• At COP30 in Belém, Brazil, India joined 13 countries and African Islands States Climate Commission (AISCC) to announce the national “Climate & Nature Finance Platforms.”
  • These platforms will be coordinated through the Green Climate Fund (GCF).

What is the Green Climate Fund (GCF)?

• The Green Climate Fund (GCF) is the world’s largest dedicated multilateral climate fund, established in 2010 under the United Nations Framework Convention on Climate Change (UNFCCC).
• It was established to help developing countries respond to climate change by supporting both adaptation and mitigation activities.
• The GCF is central to the implementation of the Paris Agreement in accordance with Article 9, supporting developing countries in achieving their Nationally Determined Contributions (NDCs) and climate resilience goals.
• It is funded primarily by voluntary contributions from developed countries, with additional support from private sector and other sources.
• GCF is mandated to invest 50% of its resources to mitigation and 50% to adaptation in grant equivalent.
• Headquartered in Incheon, South Korea.

Why Has India Launched a “Country Platform” for Climate & Nature Finance?

• India already interacts with the GCF. But the current system is fragmented — multiple ministries, institutions, and private players make separate proposals.
• A unified national platform will:
  • Bring all climate-related financing efforts under a single umbrella.
  • Improve coordination between Union Ministries, State governments, and private entities.
  • Speed up proposal preparation and project approvals.
  • Increase access to GCF’s low-cost loans and grants.
  • Support India’s upcoming National Adaptation Plan.
  • Ensure better tracking of adaptation outcomes through Global Goal on Adaptation (GGA) indicators.

Source: TH