Korea to continue activities for 3 years as the 4th director of the Green Climate Fund

I-Tower, Songdo District, Incheon Free Economic Zone, where the UN-affiliated Green Climate Fund (GCF) secretariat is located|File photo

Korea has been confirmed as the 4th board member of the Green Climate Fund (GCF). Korea will continue the role it has been serving as the 3rd board member since 2019 for the second term in a row.

The GCF announced on the 14th that it had confirmed the list of the 4th term of the Board of Directors, which will be active for three years from 2022, at the United Nations Framework Convention on Climate Change (COP26) held in Glasgow, UK on the 12th. The 4th Asia-Pacific Group Board of Directors is Korea, China, Pakistan, Saudi Arabia, Iran and the Philippines. The Korean government will continue its activities for the next three years as it is currently serving as the third board of directors (2019-2021) following the first period (2013-2015). Korea and China will split the roles of directors and substitute directors for three years from next year, and the year of each appointment will be decided in the future.

GCF directors decide whether to approve climate response projects in developing countries and decide climate policies at the Board of Directors held three times a year. The amount of GCF climate resources invested in developing countries is about $20 billion.

The GCF was established in 2010 by the decision of the Conference of the Parties to the United Nations Framework Convention on Climate Change to support developing countries to reduce greenhouse gas emissions and adapt to climate change. In 2013, the Secretariat located in Songdo, South Korea was launched, and it is supporting developing countries with an initial funding of $10.3 billion and a primary supplement of $10 billion. Korea provided $100 million and $200 million for initial and primary supplementary funding, respectively.

The Ministry of Strategy and Finance predicted, “Amid the very active discussion on climate change response around the world, it is expected that Korea, as a member of the GCF, the world’s largest climate fund, will act advantageously in responding to the international community’s discussions in the climate field.”

Reference-www.khan.co.kr

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