This undated file photo shows the national flag and the government flag. (Image courtesy of Yonhap)
SEOUL, Mar. 7 (Korea Bizwire) — The Green Climate Fund (GCF), an international organization on fighting climate change, has approved US$490 million in funding for projects on low emissions and climate resilience in 23 developing nations, South Korea’s finance ministry said Thursday.
During a three-day board meeting in Rwanda that began Monday, the board of the GCF endorsed the funding plan for 11 projects in Asia, Africa and Latin America, which aim to help them reduce emissions and better adapt to climate change, according to the Ministry of Economy and Finance.
Taking co-financing extended by each government and related international agencies together, the combined size of those projects is estimated at $1.26 billion.
One of the projects is the establishment of a climate financing institution under the state-run agriculture development bank of Cambodia, which will extend $100 million of loans to businesses and other entities for their green transition and emission reduction efforts.
The program will be led by the Korea Development Bank, the ministry said.
So far, the GCF has approved a total of 254 projects worth $53.1 billion, contributing around $14 billion, including the newly approved ones, it added.
Launched in 2010 in South Korea’s western city of Incheon, the GCF aims to channel money from industrialized nations to developing countries to help them mitigate and adapt to climate change.
(Yonhap)
