First Indian entity to get access to GCF soon

The first accredited Indian entity that will get access to Green Climate Fund's (GCF) resources to undertake clean energy projects in the country is likely to be announced next week, an official said on Monday.

This GCF was set up to help developing countries build resilience to climate-related disasters and reduce carbon pollution that drives climate change. So, far 33 countries have pledged $10 billion.

The Fund aims to mobilise $100 billion a year from 2020, most of which will go to supporting clean energy projects.

"This is money for the developing countries to work on clean energy projects. The funds will be awarded only to national, accredited entities and keeping in mind the projects that they plan undertake," Dipak Dasgupta, alternate director (India), GCF Board told IANS.

Speaking at the sidelines of the fourth session of the French Embassy's monthly seminar series on "How can long-term and sustained financing be structured for mitigation and adaptation?" in the lead-up to the Paris Climate Change Conference (COP21) in December this year, Dasgupta said that were only seven accredited entities around the world at the moment and none were from India.

"There has to be entities from India. We have a board meeting this week and let's see, maybe we will finalise an Indian entity," he said.