2.6.2.3. Key terms

♤ Mitigation: Mitigation refers to efforts to reduce or prevent emission of greenhouse gases. Mitigation can mean using new technologies and renewable energies, making older equipment more energy efficient, or changing management practices or consumer behavior.

♤ Adaptation: Adaptation means anticipating the adverse effects of climate change and taking appropriate action to prevent or minimise the damage they can cause, or taking advantage of opportunities that may arise.

♤ Finance: The operation of the Financial Mechanism was initially entrusted to the Global Environment Facility (GEF). Established in 1992. The World Bank serves as the GEF Trustee, administering the GEF Trust Fund (contributions by donors).

♤ At COP 17, Durban 2011, Parties decided to designate the Green Climate Fund (GCF) as an operating entity of the Financial Mechanism of the Convention, in accordance with Article 11 of the Convention. The Green Climate Fund (GCF) is a fund established within the framework of the UNFCCC to assist developing countries in adaptation and mitigation practices to counter climate change. The GCF is based in the new Songdo district of Incheon, South Korea. It is governed by a Board of 24 members and initially supported by a Secretariat.

♤ The Financial Mechanism is accountable to the CoP, which decides on its climate change policies, programme priorities and eligibility criteria for funding.

♤ In addition to providing guidance to the GEF, Parties have established four special funds: the Special Climate Change Fund (SCCF), the Least Developed Countries Fund (LDCF), both managed by the GEF, and the GCF under the Convention; and the Adaptation Fund (AF) under the Kyoto Protocol.