UN Green Climate Fund (GCF) Secures 12 Trillion Won Funding... Korea Supports with 400 Billion Won

On the 5th, the GCF High-Level Donor Meeting in Germany announced the mobilization of $9.3 billion in funding following the second replenishment results.

A total of $9.3 billion (approximately 12.53 trillion KRW) in funding has been secured for the United Nations Green Climate Fund (GCF) through contributions from 25 countries, including South Korea. The GCF, established in 2013 with its headquarters in Songdo, Incheon, is the world's largest climate fund aimed at supporting greenhouse gas reduction and climate change adaptation in developing countries. South Korea has committed to contributing $300 million (approximately 404.2 billion KRW).

According to the Ministry of Economy and Finance on the 6th, the GCF announced on the 5th at a high-level donor meeting held in Bonn, Germany, that $9.3 billion was raised as a result of the second replenishment of resources. Replenishment refers to the procurement process in which member country governments pledge contributions. Previously, two rounds of resource mobilization had raised $20.3 billion.

This meeting served as the final procedure for the second replenishment process of the Green Climate Fund and was conducted with the participation of 25 donor countries, including South Korea. Fourteen countries that had already declared contributions in connection with major events such as the G20 Summit (September) and the UN Climate Action Summit (September)?including South Korea, Czech Republic, Austria, Germany, Monaco, Canada, and Denmark?reconfirmed their respective contribution plans. Eleven countries, including the Netherlands, Norway, New Zealand, Liechtenstein, and Mongolia, announced their contribution amounts at this meeting.

South Korea has actively urged the international community to participate in the second replenishment during major international events. At the G20 Summit in September, South Korea declared a contribution of $300 million, which is 1.5 times the amount pledged in the first replenishment. At this meeting, Kim Jaehwan, Director of the Development Finance Bureau at the Ministry of Economy and Finance, attended as the representative and reaffirmed South Korea’s intention to contribute $300 million.

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