Mercury, Establishing EDCF Climate Change Impact Response System

[Asia Economy Reporter Jin-ho Kim] The Export-Import Bank of Korea announced on the 25th that it has established the ‘EDCF Climate Change Impact Response System,’ which incorporates climate factors throughout the Economic Development Cooperation Fund (EDCF).

The EDCF Climate Change Impact Response System is a concrete implementation plan prepared by the bank to achieve the government’s policy goal of ‘40% Green EDCF support ratio by 2025.’ It mainly includes ‘climate risk assessment for EDCF projects’ and ‘development of climate project performance measurement tools’ to support the green transition of developing countries.

The bank also held a seminar after declaring its vision as a ‘Leading Institution for Climate Change Support in Developing Countries’ at the Garden Hotel in Seoul the day before, to announce the full-scale expansion of the Green EDCF.

Yoon Tae-sik, Director General of International Economic Affairs at the Ministry of Strategy and Finance, emphasized in his congratulatory speech, “The EDCF now has a basic system in place to support developing countries’ climate change response. To successfully implement the action plan, communication with recipient countries, international consensus, and collaboration with climate specialized institutions are necessary.”

Lee Sang-ho, Head of the Bank’s Economic Cooperation Headquarters, also stated, “We will actively reflect the climate change impact response system in future EDCF major strategies, policies, and guidelines to contribute to the expansion of EDCF climate projects.”

This content was produced with the assistance of AI translation services.