Refers to determining the interest rate for granting loans to creditors.
Long Term Finance refers to the financial commitment by developed countries to the developing countries for funding climate change actions up to 2020 and beyond. Developed Countries have a joint commitment to mobilizing USD 100 billion per year by 2020 from a wide variety of sources (public and private, bilateral and multilateral, and other alternative sources) in the context of meaningful mitigation actions and transparency of implementation.
The term Low Carbon or Low Carbon Development means reduction of carbon emission to minimal level to mitigate greenhouse gases responsible for global warming and climate change. The concept of low carbon development was first discussed in UNFCCC, Rio in 1992. Low carbon development is generally expressed with the term Low Emission Development Strategies (LEDS) or Low Carbon Development Strategies (LCDS).
In the context of climate change, a human intervention to reduce the sources or enhance the sinks of greenhouse gases. Examples include using fossil fuels more efficiently for industrial processes or electricity generation, switching to solar energy or wind power, improving the insulation of buildings, and expanding forests and other ‘sinks’ to remove greater amounts of carbon dioxide from the atmosphere.
GCF has developed a Monitoring and Accountability Framework to periodically check the performance of accredited entities. The framework has two components: i) Monitoring of accredited entity’s compliance with accreditation standards and ii) Monitoring and evaluation of GCF funded projects and programs. In compliance monitoring accredited entities need to conduct an annual self-assessment, mid-term review and also ad-hoc compliance review as necessary. As part of projects and programs monitoring, accredited entities need to perform annual performance monitoring, and interim and final evaluation of the project and programs funded by GCF. Accredited agency needs to submit all monitoring and evaluation reports to the GCF secretariat.
Multilateral Implementing Entity is multilateral institution such as the UN Agencies, Multilateral Development Banks and other international organizations accredited with the Green Climate Fund. They can be chosen by eligible countries to submit proposals on their behalf. These institutions will bear the full responsibility of managing the GCF-funded projects and programs, monitoring and financial reporting.
A core interface and the main point of communication between a country and the Fund. The NDA seeks to ensure that activities supported by the Fund align with strategic national objectives and priorities, and help advance ambitious action on adaptation and mitigation in line with national needs. A key role of NDAs is to provide no- objection letters for project proposals.
This is a letter issued by National Designated Authority or focal point to aspirant entities seeking GCF accreditation. Entities applying for accreditation need to submit such nomination letter as a part of their application for accreditation.
No Objection Letter is a letter issued by a National Designated Authority or a Focal Point, signed by its Official Representative, confirming that it has no objection to a funding proposal submitted on behalf of its country by an accredited entity.
An entity accredited under specialized fiduciary standards can receive money from GCF with the intention of lending it to other executing entities for the implementation of selected programs and/or projects. This can also include providing equity or guarantees to other entities.
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