This undated photo, downloaded from the website of the Green Climate Fund on Oct. 26, 2023, shows officials attending a pledging conference. (Image courtesy of Yonhap)
SEOUL, Oct. 26 (Korea Bizwire) — The Green Climate Fund (GCF), an international organization on fighting climate change, has approved US$740 million in funding for projects on low emissions and climate resilience in 41 developing nations, South Korea’s finance ministry said Thursday.
The board of the GCF endorsed the funding plan for 15 projects in 41 nations, including those 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.
The combined size of those projects is estimated at $3.61 billion, which includes co-financing extended by each government and related international agencies.
The GCF has approved a total of 243 projects worth $51.8 billion so far, contributing around $13.5 billion, including the newly approved ones, the ministry said.
The latest funding decision was made during a three-day board meeting in Tbilisi, Georgia, on Monday, the ministry said.
During the meeting, the GCF also approved the application of SK Securities Co. for accreditation to the organization, allowing the South Korean brokerage firm to play a role in exploring and implementing climate change-related projects under its platform.
SK Securities became South Korea’s third accredited entity of the GCF after the state-run Korea Development Bank and the Korea International Cooperation Agency, according to the ministry.
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)
