<기사>Ministry of Economy and Finance Makes First Contribution of 3.6 Billion KRW to Climate Change Adaptation Fund for Developing Countries

[Asia Economy Sejong=Reporter Kim Hyewon] The Ministry of Economy and Finance announced on the 16th that South Korea will contribute a total of 3.6 billion KRW for the first time to the Adaptation Fund to support developing countries' responses to climate change.

Kim Kyung-hee, Director of the Development Finance Bureau at the Ministry of Economy and Finance, announced this plan at the high-level donor dialogue for the Adaptation Fund held the day before, coinciding with the 27th Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC).

The government decided to contribute 1.2 billion KRW annually, totaling 3.6 billion KRW, to the fund over three years from 2023 to 2025.

Director Kim said, "As a board member country of the Adaptation Fund, South Korea empathizes with the difficulties faced by developing countries vulnerable to climate change," adding, "We hope that Korea's contribution will support developing countries' climate adaptation efforts to minimize the negative impacts of climate change and help bridge the gap between the scale of climate mitigation and adaptation financing."

At this conference, the Ministry of Economy and Finance secured achievements such as the reappointment of South Korea as a board member of the Adaptation Fund (2023?2024) and the assumption of a position on the Standing Committee on Finance (SCF), a key body in climate finance discussions (2023). Going forward, South Korea will continue to serve on the boards of the Green Climate Fund, the Adaptation Fund, and the Standing Committee on Finance.

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