In 2008, as the urgency of global support for climate-smart development became increasingly apparent, donor and recipient countries established the Climate Investment Funds (CIF) through the multilateral development banks as a transitory financial mechanism to help provide an interim climate source of funding, pending the effectiveness of a new multilateral climate finance facility developed under the guidance of the United Nations Framework Convention on Climate Change (UNFCCC). This multilateral climate finance facility, now operationalized, is today known as the Green Climate Fund (GCF) and is becoming the central piece in channeling resources to climate change projects and programs across the developing world.

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