Green Climate Fund Approved as Certification Body by SK Securities
The 37th Green Climate Fund Board Meeting Held from 23rd to 25th
Approval of 3 Accreditation Entities Including SK Securities
Decision to Support Climate Change Projects Worth a Total of 740 Million USD
The Green Climate Fund (GCF) Board approved SK Securities and two other institutions as accredited entities and decided to support climate change projects totaling $740 million.
According to the Ministry of Economy and Finance on the 26th, the 37th Green Climate Fund (GCF) Board meeting was held from the 23rd to the 25th in Tbilisi, Georgia. With the Board's approval, SK Securities became the third domestic institution, following the Korea Development Bank (KDB) and the Korea International Cooperation Agency (KOICA), to act as an accredited entity, tasked with identifying and implementing climate change response projects in developing countries. The Green Climate Fund designates institutions with strong local understanding as accredited entities to develop projects.
Additionally, at this meeting, 15 greenhouse gas reduction and climate change adaptation projects were approved, deciding on a total GCF funding support of $740 million. These approved projects target 41 developing countries in Africa, Latin America, and other regions. When combined with co-financing from governments, private sectors, and international organizations, the total project scale is estimated at $3.61 billion. As a result, the total number of approved projects by the Green Climate Fund has expanded to 243, with cumulative support amounting to $13.5 billion (total project scale of $51.8 billion).
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Furthermore, the Board reviewed and approved the 2024 work plan and budget of the Green Climate Fund Secretariat. In 2024, the Green Climate Fund plans to manage resources with priority goals including strengthening country ownership, improving access to GCF funds, enhancing climate impact and results delivery, and focusing on personnel and performance. The Ministry of Economy and Finance stated, "As a member of the 4th GCF Board and host country, the Korean government will continue to cooperate for the development of the Green Climate Fund and actively support the participation of domestic climate companies and related institutions in GCF projects."
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