Which of the following statements regarding ‘Green Climate Fund’ is/are correct?
1. It is intended to assist the developing countries in adaptation and mitigation practices to counter climate change.
2. It is founded under the aegis of UNEP, OECD, Asian Development Bank and World Bank.
Select the correct Answer using the code given below:

The correct answer is 1 only.

Step-by-step Explanation:

1. Understanding Statement 1:
The Green Climate Fund (GCF) was established to support global efforts to respond to the challenge of climate change. It is specifically designed to help developing countries limit or reduce their greenhouse gas emissions (mitigation) and adapt to the unavoidable impacts of climate change (adaptation). Therefore, Statement 1 is correct.

2. Understanding Statement 2:
The Green Climate Fund was not founded under the aegis of UNEP, OECD, Asian Development Bank, and World Bank. Instead, it was established by 194 countries party to the United Nations Framework Convention on Climate Change (UNFCCC) during the 2010 United Nations Climate Change Conference (COP-16) held in Cancun, Mexico. It operates as an operating entity of the UNFCCC's financial mechanism. Therefore, Statement 2 is incorrect.

Conclusion:
Since only the first statement is correct, the correct option is "1 only".