The Green Climate Fund (GCF) is the newest financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC)1. Under the scope of Article 112 of the UNFCCC, the GCF was established at the 16th Conference of the Parties3 (COP 16) with an aim to achieve the overriding objective of: ‘….promoting the paradigm shift towards low-emission and climate-resilient development pathways in the context of sustainable development (UNFCCC 2010). As per decision 1/CP of COP 16, the Fund is made accountable to and function[s] under the guidance of the COP.

Over the years, since COP 16 in 2010, the GCF has been evolved as an independent institution with its own governance mechanism, institutional structure, secretariat, and fund pledges both from the developed and developing countries. As of December 2014, 31 countries put their fund pledges and the amount already reached very near to USD 10.2 billion equivalents (GCF IRM 2015). Meantime, the GCF board agreed on fund operation and management policies and framework; developed fund access modalities, and established Independent Accountability Units. The Board set a target to make the Fund fully operational with the approval of projects and programs no later than its 3rd meeting in 2015 (GCF/ B.08/07, 2014).