Korea and ADB Establish Climate Network Hub in Seoul

South Korea and the Asian Development Bank (ADB) have agreed to establish a 'Climate Technology Hub' in Seoul.

On the 3rd, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho held a bilateral meeting with Masatsugu Asakawa, President of the Asian Development Bank (ADB), in Songdo, Incheon, and signed a Memorandum of Understanding (MOU) agreeing to establish the 'ADB-Korea Climate Technology Hub.'

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is taking a commemorative photo after signing the ADB-Korea Climate Technology Hub Agreement (MOU) with Masatsugu Asakawa, President of the Asian Development Bank (ADB), at Songdo Convensia in Incheon on the 3rd.

The Climate Technology Hub is expected to open in Seoul as early as next year. Considering the synergy effects with climate-related institutions such as the Global Green Growth Institute (GGGI) and the Green Climate Fund (GCF), ADB believes Korea is a suitable location for the climate hub. The operational staff will be jointly dispatched by the Korean government and ADB.

The Climate Technology Hub will serve as ADB's 'climate change think tank.' The government and ADB intend to make the Climate Technology Hub a network that selects and connects public and private climate experts worldwide. The hub will also design and implement ADB's climate-related projects. ADB plans to expand its climate-related projects to a cumulative total of $100 billion from 2019 to 2030. This means the importance of the Climate Technology Hub is expected to gradually increase.

On the same day, Deputy Prime Minister Choo pledged to contribute an additional $100 million over six years (2023?2028) to the e-Asia Knowledge Cooperation Fund, a Korean sole trust fund established in 2006 to focus on supporting the digital sector and knowledge sharing. The e-Asia Knowledge Cooperation Fund was established in 2006 as a Korean sole trust fund to support the digital sector and knowledge sharing.

Commitments were also made to participate in ADB’s multilateral funds such as the Asia-Pacific Project Preparation Facility (AP3F) and ADB Ventures. AP3F is an ADB multilateral fund established in 2016 to support public-private partnership investments in developing countries in Asia and the Pacific. Currently, Japan, Canada, Australia, and others participate, and Korea has agreed to contribute an additional $5 million. ADB Ventures is an ADB investment organization established in 2020 aimed at nurturing startups. Korea contributed $15 million at its inception and has pledged an additional $3 million. The government will also contribute $1 million to the ADB Frontier Facility, a multilateral fund supporting small and medium enterprises in Asia’s poorest countries.

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