The Green Climate Fund was created in 2021 to provide support for adaptation projects, research, and policy development. Its mission is “to mitigate the adverse effects of climate change, with a view to preserve and enhance the diversity of ecosystems.” For example, the focus of the fund is on adaptation to increase food production, assist the transition to energy efficiency, and reduce emissions at local level. Since inception, the organization has been effective in providing support to communities, developing policy tools and exchanging information. However, a recently released report by the World Wildlife Fund (Wuf) raises questions about the effectiveness of the Trading scheme and the future of the green climate fund.
According to the report, “the failure to deliver on its promises highlights both the lack of confidence in the trading scheme and the priorities of climate change mitigation.” The report goes on to say, “A key element in the success of the Green Climate Fund has been its strategic partnerships. Unfortunately, however, some partnerships are showing signs of strain.” Among those cited as potential strain are the Swiss voluntary organization, Energie Brussel, and the German organization, Deutica Vrii. Further, a report released by the World Wildlife Fund (Wuf) on 7 June 2021 stated that the majority of its projects under the Green Climate Fund had been completed by local communities rather than international organizations.
The report went on to say, “We are also concerned about the slow pace of climate change mitigation. Given the current attention focused on technology development and deployment, it has been slow to implement projects that can replace greenhouse gases from fossil fuels and other sources.” It has been reported that the United States is one of the world’s largest contributors to greenhouse gas emissions, with China ranking second. It is a goal of the Obama administration and the federal government to address climate change. Efforts by the State Department to coordinate a national dialogue on climate change among the states have met with limited success.
There are two main components of the Green Climate Fund’s strategy for dealing with climate change: science and technology. According to the organization, its science programs aim to “discover the causes and mechanisms of climate change, and to promote innovation to reduce greenhouse gas emissions.” The State Department is undertaking similar research efforts and has released reports outlining the various programs it is pursuing to deal with climate change. Meanwhile, the Department of Energy is leading a program called Making Homes Green which aims to reduce greenhouse gas emissions from power plants and other sources. Both the State Department and the Federal government are undertaking high level research efforts to understand the causes of climate change, the effects it is having on society, and how to reduce greenhouse gas emissions.
For its part, the Obama administration has established the National Mitigation Strategy for Clean Energy. According to the program website, the NNSA offers research, demonstration and deployment of renewable and clean energy technologies in both the public and private sectors. As part of the strategy, the United States will participate in the Global Compact for Energy Research (GCEPR), a regional initiative led by the European Union, Japan, China, and the United States. Among other partners in the GCEPR include countries from around the world that have developed comprehensive climate change mitigation strategies. The program has been implemented through the executive agencies and departments of all U.S. states, as well as the executive offices of state and local governments.
Another significant program of the Green Climate Fund is its Carbon Pollution Reduction Through Cap and Trade (Cap-and-Tie), which is focused on reducing greenhouse gas emissions. Cap-and-trade is a national program covering greenhouse gas emissions trading. According to the organization, it will “promote innovation, research and development to reduce the risk of carbon dioxide emissions and provide financial assistance to developing countries in developing industrial carbon pollution reduction strategies.” The program offers tax credits to companies that agree to cap their emissions, provide financial assistance to developing countries to develop low carbon technologies, and work with developing countries in environmental cooperation and international environmental programs. The program also provides technical support to businesses and households to reduce their greenhouse gas emissions.