New climate change fund is now open for businessMay 28, 2014
Fund aims to address environmental issues by supporting developing countries
The Board of the Green Climate Fund, a multilateral fund that is meant to assist developing countries in addressing the problems associated with climate change, has finalized its business model. The fund is now able to accept financial aid from countries that are interested in tackling the problem of climate change. The money that the fun collects will be used to create new opportunities in developing countries and these opportunities will involve renewable energy, energy efficiency, and emissions reduction in some way.
Developing countries are becoming serious on the issue of climate change
The fund is meant to aid in the transition toward a low-carbon economy. Climate change has become a major issue for many countries throughout the world, despite its highly controversial nature. While some developed countries are wary of taking serious action on climate change because of what political implications such action may have, developing countries are becoming quite aggressive on environmental matters. Small countries, particularly those that are island nations, have a vested interest in subverting climate change due to the environmental disasters that they are exposed to.
Small countries could face serious problems due to environmental disasters
Small countries could be particularly affected by climatic events due to their limited infrastructure and ability to manage serious natural disasters. Island nations could fall victim to rising sea levels, which could threaten to erase some of these countries from the map. Others could see face serious problems in terms of energy, as fossil-fuels become more expensive.
Fund aims to reduce the financial burden associated with the adoption of renewable energy
Renewable energy is becoming less expensive, which is making clean power more attractive to a wide range of developing countries. Some of these countries are turning to clean energy for the sake of economic stability, but renewable energy still represents a significant financial burden for these countries. The Board of the Green Climate Fund aims to relieve some of the financial tension that exists in the clean energy field, making it easier for developing countries to embrace clean power.