The GCF is the operational body of the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC), established at the 16th Conference of the Parties in 2010. This is the main element of long-term funding under the UNFCCC to achieve the objectives of the Paris Agreement.
In order to address the challenges of climate change, taking into account the needs of developing countries in the area of mitigation and adaptation, there exists an agreement of developed countries that provides for the joint mobilization of $ 100 billion per year until 2020. The Fund will send an equal volume of resources for projects to mitigate climate change and adapt to its adverse effects. It will also allocate at least half of its resources for the adaptation of countries vulnerable to the impacts of climate change, including least developed countries (LDCs), small island developing states (SIDS) and African states.