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Maharashtra Government to raise $270 mn from Green Climate Fund

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The 2030 Water Resources Group (2030WRG) will help the Maharashtra Government to raise $270 million from the Green Climate Fund, which will be invested in integrated watershed programmes in the state.

What is Green Climate Fund?

The Green Climate Fund(GCF) is a fund established within the UN Framework Convention on Climate Change (UNFCCC) to assist developing countries Maharashtra Government to raise $270 mn from Green Climate Fundin adaptation and mitigation practices to counter climate change.

  • Headquarters of GCF is located in South Korea.
  • Green Climate Fund is expected to be the centrepiece of efforts to raise Climate Finance under the UNFCCC, and raise $100 billion a year by 2020.

About 2030 Water Resources Group (2030WRG):

  • 2030WRG is hosted by the International Finance Corporation (IFC) and is a public-private-civil society collaboration for water resources reform in developing economies.
  • It was launched in 2008 at the World Economic Forum.

Raising & Utilisation of money raised from Green Climate Fund:

For raising money from the Green Climate Fund, Maharashtra State Level Climate Change Committee will endorse the proposal next week, after which it would be referred to the Central Government. The approvals will be in place in early 2018 and it could take a year to get the funding.

  • Co-Head (Asia and Middle East) of 2030WRG, Bastiaan Mohrmann, said that ground water was being augmented under State’s Jalyukt Shivar Yojana but it needs to be further connected with the efficient use of water for which one needs technology and infrastructure development at the village level, where the fund will be useful.
  • Fund will also be used in crop diversification and adding market linkages.
  • It is to be noted that 2030WRG, along with the Maharashtra State Government, has also launched the Maharashtra Water Resources Multi-Stakeholder Platform, which will address critical water resources challenges in the State.