Which of the following statements regarding ‘Green Climate Fund’ is/are correct?
1. It is intended to assist the developing countries in adaptation and mitigation practices to counter climate change.
2. It is founded under the aegis of UNEP, OECD, Asian Development Bank and World Bank
Select the correct answer using the code given below.
Statement 1 is correct: The Green Climate Fund was established specifically to support developing countries in their efforts to address climate change. It provides funding for projects aimed at reducing greenhouse gas emissions (mitigation) and adapting to the impacts of climate change (adaptation). Satement 2 is incorrect: The GCF is worked under the UNFCCC (United Nations Framework Convention on Climate Change).