TEHRAN – TEHRAN – Green Climate Fund, a global fund aimed to support the efforts of developing countries to respond to the challenge of climate change, has called for new ideas by Iranian entities to implement regional climate change projects.

The fund was set up by the 194 countries who are parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2010.

Private sector companies, the chamber of commerce, and NGOs are invited to submit their ideas to the Department of Environment until August 23, 2017.

The fund has allocated $500 million for the selected projects.

GCF helps developing countries limit or reduce their greenhouse gas emissions and adapt to climate change and seeks to promote a paradigm shift to low-emission and climate-resilient development, taking into account the needs of nations that are particularly vulnerable to climate change impacts.

It aims to deliver equal amounts of funding to mitigation and adaptation, while being guided by the Convention’s principles and provisions.

The fund uses public investment to stimulate private finance, unlocking the power of climate-friendly investment for low emission, climate resilient development.

SB/MG