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Gathering of Financial Resources for GCF Complete
GCF Fund Secure
Gathering of Financial Resources for GCF Complete
  • By Jack H. Park
  • November 21, 2014, 08:01
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President Park Geun-hye cuts tape to open the GCF Secretariat in G Tower in Songdo, Incheon City, on Dec. 4, 2013. From left to right: Hwang Woo-yeo, Hyun Oh-seok, Park Geun-hye, Héla Cheikhrouhou, Jose Maria Clemente Sarte Salceda, and Jim Yong.
President Park Geun-hye cuts tape to open the GCF Secretariat in G Tower in Songdo, Incheon City, on Dec. 4, 2013. From left to right: Hwang Woo-yeo, Hyun Oh-seok, Park Geun-hye, Héla Cheikhrouhou, Jose Maria Clemente Sarte Salceda, and Jim Yong.

 

The Ministry of Strategy and Finance announced on Nov. 20 that 21 countries, including Korea, agreed to finance US$9.4 billion combined at the Green Climate Fund (GCF) Donor Conference held in Berlin, Germany. This means the preparation of the financial resources has been completed four years after the establishment of the fund.

Specifically, the United States shoulders US$3 billion, Japan US$1.5 billion, Britain US$1.2 billion, France and Germany US$1 billion each, Sweden US$580 million, Italy US$300 million, Spain US$160 million, Norway and the Netherlands US$130 million each, and Korea, Switzerland, and Finland US$100 million each. The amounts are to be paid by 2018.

At the same time, the donor conference participants encouraged other countries to chip in, while agreeing to expand their efforts to the private sector.

“The financing amount is higher than that of any other international initiative against climate change,” the Ministry explained, adding, “It will be a great boon for the international community’s endeavor to fight climate change.”