At the UNFCCC climate change conference in Copenhagen in 2009, developed countries committed to setting up the Green Climate Fund (GCF) with a view to providing developing countries access to finance of up to US $100 billion per year by 2020 to help them adapt to a low carbon economy and reduce their emissions.
Conceptually, the GCF was to be funded primarily by public sources. The reality is, three years later, very little public funding has yet been committed. The debt crisis currently facing developed countries is unlikely to abate in the near future, therefore, logically requiring the GCF to increasingly rely on the private sector to achieve the desired levels of funding. Despite the formalisation of the involvement of the private sector at the last international climate change conference in Durban, there is still a lack of recognition amongst the developing community as to the significance of this sector to the success of the GCF.
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