"Impact of COVID-19"... Uncertainty Over Green Climate Fund Board Meeting in Songdo in June

[Asia Economy Reporter Jang Sehee] Due to the spread of the novel coronavirus infection (COVID-19), there is a possibility that the international conference scheduled for June may be postponed or canceled.

According to the Ministry of Economy and Finance on the 13th, the 25th Green Climate Fund (GCF) Board of Directors meeting was held in Geneva, Switzerland.

At this board meeting, it was decided that the final decision on whether to hold the 26th Board meeting, scheduled to take place in Songdo, Incheon from June 21 to 25, will be made one month later. This is interpreted as reflecting concerns about proceeding with an international event amid the accelerating spread of COVID-19.

The GCF is an international organization established as the financial mechanism operating body of the UN Framework Convention on Climate Change to support developing countries in responding to climate change. In 2012, South Korea secured its headquarters in Songdo, Incheon.

At the GCF Board meeting, six new projects totaling $170 million were approved. As a result, the total number of projects promoted by the GCF expanded to 129, with funding reaching $5.6 billion.

Meanwhile, the 26th Board meeting was planned to finalize a plan containing strategic priorities such as national ownership of the GCF’s operational direction for the next four years (2020?2023), expansion of adaptation projects, and participation of private finance.

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