UN Green Climate Fund Emission Reduction Claims are Fraudulent
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A database of Green Climate Fund (GCF) “projects” reveals that almost none are actual projects. Most are just specialized junior funds. Each has a supposed emission reduction number, but these numbers are just fantasy guesses since no actual projects are involved. Thus, the GCF emission reduction claims are fraudulent.
(I might never have found it since it is in the voluminous UNFCCC site not the GCF site, but AI found it immediately when I simply asked for “GCF projects.” This is a good example of how AI can improve research.)
Let’s look at three big ticket items that appear early in the list. Smaller items are not likely to be more truthful.
First is just under $1.5 billion for Project GAIA (“GAIA”).
See.
Here is a key part of the project description: “Project GAIA will establish a blended finance platform that offers long-term loans for climate adaptation and mitigation investments in 19 of the most climate vulnerable countries in the world – making funding accessible through sources previously unattainable to participating countries. To answer to the immediate needs of developing countries, the platform allocates 70 per cent of its portfolio investments towards adaptation projects; with a further allocation of 25 per cent for Least Developed Countries and Small Island Developing States, ensuring that funding reaches the most climate vulnerable communities. The project targets countries facing similar challenges in accessing climate finance for their pipeline of high-impact adaptation projects.”
This is a financial project not a physical one, and the primary target is adaptation. Nevertheless, it boasts a “CO2 equivalent” reduction amount of 30 million tons. (CO2 equivalent includes reduction in methane and other GHGs.)
There is of course no physical basis for this reduction claim since no actual projects are involved. Even worse, the GCF share of this $1.5 billion is a mere 10.3%. They should only be claiming this small fraction of the fantasy reduction amount, but I can see no indication that they are doing that. If not, then their CO2 reduction claim is doubly fraudulent.
The second example is the Programme for Energy Efficiency in Buildings (PEEB) Cool, another $1.5 billion financial project.
Here is the project description: “The Programme for Energy Efficiency in Buildings (PEEB) Cool includes 11 countries across four continents spanning seven different climates: the Mediterranean, humid subtropical, tropical, equatorial, arid, mountain, and continental. These countries suffer from climate change with temperatures reaching levels that increase heat-related health risks. Climate change will lead to an increase in these risks including more regular and extreme heatwaves, and an increase in mean temperatures.
The PEEB Cool project will transform the construction sector by advancing more energy-efficient building design, construction, and operation. It will prioritize sub-sectors with significant potential for climate change adaptation and greenhouse gas reduction such as large-scale new housing schemes and commercial buildings involving both the public and private sectors. Moreover, it will generate strong economic and social benefits such as the creation of green jobs. Throughout its activities, PEEB Cool will include efficient cooling solutions, sustainable construction materials, and the involvement of construction ecosystem stakeholders.”
Note that this program runs through 2033 with no actual projects identified, but it comes with a CO2 equivalent reduction amount of 1.6 million tons. The GCF funding share is just 16.5%, but they seem to be claiming this entire fictitious reduction amount.
A third example is the Global Subnational Climate Fund (SnCF Global) – Equity which runs through 2040. This is a $750 million fund targeting administrative units within countries such as counties, provinces, regions, and municipalities.
Here is a key part of the description: “The goal of the Sub-national Climate Fund Global (SnCF Global or the “Fund”) is to catalyze long-term climate investment at the sub-national level for mitigation and adaptation solutions through a transformative financing model.”
There are no actual projects, but the CO2 equivalent reduction is pegged at a precise 77.6 million tons. This is less than $10 a ton which is completely unrealistic. The GCF financial share is just 20%.
A look through the first 40 or so projects in the database listing shows that all are financial, not physical. The Green Climate Fund claims to be delivering billions of tons of CO2 equivalent emission reductions over its project life cycles. The project numbers are completely fictitious and hence fraudulent.
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