UN-backed fund has approved USD 43.4 million for supporting climate resilience of millions of people living in the coastal states of Andhra Pradesh, Maharashtra and Odisha of India to combat extreme impacts of climate change during the 21st meeting of the Green Climate Fund (GCF) Board at Manama,Bahrain.
The new project will be supported through the United Nations Development Programme (UNDP), and is an essential step for India in reaching its goals outlined in the Paris Agreement and 2030 Agenda for Sustainable Development.Government of India will finance an additional USD86.8 million toward the new project to mainstream and accelerate the impacts of the Green Climate Fund grant.
India’s coastal areas are quite vulnerable to climate change and this project focuses on selected vulnerable areas of Andhra Pradesh, Maharashtra and Odisha states. The new project, with GCF assistance, will not only help enhance resilience and adaptability, but also lead to emissions reduction while providing support to local communities for their livelihoods.
Green Climate Fund :
This fund approval is a part of more than USD 1 billion approved by the Green Climate Fund for 19 new projects to help developing countries tackle climate change. The 19 new projects amount to a total investment from GCF of USD 1,038 million, and including co-financing the projects will channel over USD 4,244 million of climate finance for low-emission, climate-resilient development.