General Assembly Economic and Finance Committee (GA-ECOFIN)
The Economic and Financial Committee (ECOFIN) is the second out of six principal committees of the United Nations General Assembly. It was first established in 1945 to deal with global economic and financial matters. Essentially, ECOFIN can only propose solutions and recommendations in draft resolution and does not allow imposing any decisions. Furthermore, ECOFIN has five main bodies that report through it. In this case, it includes the UNFCCC.
Assessing the Mechanism of Green Climate Fund in Financing Climate Change Issues
The impacts of climate change are happening now, many countries are highly vulnerable to climate change and are among the least ready to respond to it. Therefore, the Green Climate Fund (GCF) as the world’s largest dedicated climate fund was created to support the efforts of developing countries in responding to the challenges of climate change. Essentially, GCF was aimed to limit the increasing greenhouse gas (GHG) emissions by providing fund dedicated exclusively to help developing countries to deal with climate change and to assist vulnerable societies in adapting to its unavoidable impacts. In short, the fund is mandated to have a huge contribution to the global response to climate change mitigation and adaptation. However, some challenges still remain with the fund that needs to be addressed, since the GFC has not progressed smoothly and there are no current satisfactory schemes for raising and distributing the fund. This year’s President Model United Nations seeks to enhance cooperation among countries to mitigate and adapt to the impact of climate change by finding a suitable mechanism in financing climate change actions.