Deputy Minister for International Affairs Choi Ji-young attended the Second Meeting of the Board of the Fund for responding to loss and damage and signed the contribution agreement for the replenishment of Green Climate Fund (GCF). The Korean government expressed its commitment to serving as a ‘green ladder’ in the global community by supporting both climate-related funds.
1. Second Meeting of the Fund for responding to loss and damage hosted in Korea
The Second Board Meeting of the Fund for responding to loss and damage (the Fund) is set to be held from July 9 to 12 in Songdo, Incheon. This meeting will be attended by board members representing 44 countries, as well as representatives from various international organizations and non-governmental organizations, to discuss the direction of the fund’s operation.
The Fund was officially launched under the United Nations Framework Convention on Climate Change (UNFCCC) at the 28th Conference of the Parties (COP28) held at the end of last year. It aims to support developing countries in addressing both economic and non-economic losses and damages* caused by climate change. Thus far, 19 countries have pledged a total of $792 million contributions to this Fund.
* This includes extreme weather events like natural disasters and gradually occurring phenomena such as sea level rise, and encompasses recovery of damages, reconstruction, and rehabilitation efforts.
At the Board Meeting, Deputy Minister Choi announced the Korean government’s plans to contribute $7 million to the fund during his welcome speech. He expressed hope that Korea’s contribution would facilitate more voluntary contributions from other parties. He also highlighted the government’s commitment to sharing knowledge and technology with the international community for climate change adaption and green transition.
2. The contribution agreement for the replenishment of GCF signed
After delivering a welcome speech, Deputy Minister Choi signed the contribution agreement for the second replenishment of GCF and had talks with Deputy Executive Director of GCF Henry Gonzalez at the GCF Secretariat.
The GCF is the largest fund established under the UNFCCC to support developing countries in their efforts to address climate change. It was agreed upon during the COP16 in 2010 and inaugurated its secretariat in Songdo, Incheon in 2013. Korea contributed $100 million during the initial resource mobilization period (2014-2018) and $200 million during the first replenishment period (2020-2023).
Korea unveiled during the G20 Summit in September 2023 its plan to contribute $300 million during the second replenishment period (2024-2027) to back up countries most affected by climate change. This signing of the contribution agreement fulfills Korea’s pledge of $300 million to the global community; the Ministry of Economy and Finance plans to execute $35 million in the third quarter of this year to carry out its commitment.
Deputy Minister Choi emphasized that Korea’s interest in and contributions to the GCF are steadily increasing in serving the nation’s role as a ‘green ladder’. In response, the GCF expressed gratitude for Korea’s sustained interest and contributions to the fund.
Please refer to the attached files.
