19.8        ndian   onom
          (i) sources of funding, terms of funding         gcf
               and purpose of funding in addition to       It was established as an operating entity of the
               resources being committed/disbursed/        financial mechanism of the UNFCCC in 2011
               new.                                        and is expected to be a major channel for climate
         (ii) while defining climate finance, it is also   finance from developed to developing countries.
               important to define what cannot be          It has so far been pledged US$10.2 billion by
               counted towards climate finance.            38 governments. These include some developing
        (iii) aid money meant for development              countries with small contributions. The highest
                                                           contribution of US$3 billion has been announced
               purpose should not be counted as climate
                                                           by the USA, followed by Japan (US$1.5 billion),
               finance. With reference to funds provided
                                                           the UK (US$1.2 billion), France (US$1.03
               for multiple purposes, only the share       billion) and Germany (US$1.0 billion). The
               provided solely for climate change should   initial resource mobilization period extends
               be included under climate finance.          from 2015 to 2018. At the 11th GCF board
        (iv) systems should be in place to check for       meeting (November 2015), the board approved
               double counting or treatment of ODA as      commitment of US$168 million to eight specific
               climate finance.                            projects, subject to certain conditions being
          There is an even greater gap in tracking         met by the project proponents. The board aims
                                                           to approve US$2.5 billion in commitments to
     adaptation finance and segregating it from
                                                           additional projects in 2016.
     development funds as a whole—as a result, very
     often the entire amount allocated to a project is     gef
     erroneously treated as adaptation finance. Any
                                                           The GEF (Global Environment Facility) was
     climate finance tracking exercise needs to carefully
                                                           established as a pilot programme for environmental
     account for these problems.                           protection. The current project cycle is GEF-6 over
                                                           the years 2014-18. In 1992, when the Biodiversity
     globAl climAte funDs                                  and Climate Change Conventions were adopted at
     Depending on the participating countries, global      Rio de Janeiro, the GEF was adopted as a financial
     climate funds can either be multilateral or bilateral mechanism for helping developing countries meet
     depending on. The funds may further be classified     their financing needs for achieving their climate
     according to their area of focus, namely mitigation,  change goals. As of November 2015, the GEF
     adaptation or REDD (reducing emissions from           has directly invested a total of US$14.5 billion in
     deforestation and forest degradation). Currently,     3946 projects in 167 countries.
     the Green Climate Fund (GCF) is the largest,
     with pledges amounting to US$10.2 billion. The           sustaInablE dEvElopmEnt and
     second largest is the Clean Technology Fund              clImatE chanGE In thE IndIan
     (CTF) with pledges amounting to US$5.3 billion.          contExt
     With the capitalization of the GCF and the sunset     In the past two decades, the key environmental
     clause of the CTF, there is ambiguity about the       challenges in India have been sharper. The State
     role of the CTF in the climate finance architecture   of the Environment Report by the MoEF clubs the
     post-2020.                                            issues under five key challenges faced by India—