Using the Clean Development Mechanism & the Green Climate Fund to Promote the Rapid Deployment of Funds for Sustainable Development Open Access
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It is imperative that nations work within the existing framework of international climate law to propel the development of renewables in developing nations. This will promote advances in national sustainable development policies and subsequently, reduce international greenhouse gas emissions. The United Nations Framework Convention on Climate Change has resulted in two specific mechanisms that focus on subsidizing low carbon investments: The Clean Development Mechanism and the Green Climate Fund. The Clean Development Mechanism has thus far not achieved notable success regarding sustainability; however, there are means of amending its substantive provisions or focusing on regional schemes to promote social and economic development by way of renewables. The most potential however for achieving sustainability and advancement of renewables exists with implementing the Green Climate Fund. The Green Climate Fund purports to support climate policies in developing countries by way of funding windows. The Green Climate Fund should focus on promoting gender specific policies by way of renewables through these climate finance windows. This will produce the synchronized result of social and economic development while reducing international greenhouse gas emissions. A key component to the realization of the Green Climate Fund is bolstering the relationship between multilateral development aid organizations, developed nations, and underrepresented developing countries.