South Korea to Contribute $2.72 Million to the International Global Climate Fund

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by KnowESG

South Korea's finance ministry said it would give 3.6 billion won ($2.72 million) to an international fund to help developing countries deal with the harmful effects of climate change.

Reports say that Seoul will give 1.2 billion won to the Adaptation Fund every year starting in 2023.

On the side of the 27th UN Climate Change Conference of the Parties, which was held in Egypt on Tuesday, South Korea announced its plan to contribute to the fund.

It is South Korea's first contribution to the fund, set up in 2001 as part of the Kyoto Protocol of the United Nations Framework Convention on Climate Change.

The fund supports initiatives and programmes in communities in developing countries that are particularly vulnerable to the detrimental effects of climate change. To date, it has committed $923.5 million to projects and initiatives, including 132 concrete projects, since 2010.

The South Korean government has been taking part in global efforts to fight climate change. The Green Climate Fund, established in 2010 in Songdo, west of Seoul, is an international organisation dedicated to tackling climate change.

At a conference on pan-Pacific sustainable dialogue in October, Prime Minister Han Duck-soo said that South Korea would provide more funding to help developing countries deal with the effects of climate change.

Source: Business Standard

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