The Green Climate Fund (GCF), which Korea succeeded in attracting in October 2012, was established with the goal of aiding developing countries in their efforts to combat climate change. The GCF was first proposed during the 15th session of the Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC), and its governing instrument was approved during the 17th COP in 2011. The GCF is intended to function as a financial mechanism through which developed nations may garner and mobilize long-term financial resources in order to support climate action in developing countries. The GCF, therefore, helps achieve the goals of both climate change mitigation and economic development. Contrary to popular belief, these two goals are compatible rather than mutually exclusive. Fortunately, the GCF, as a separate legal entity, is able to deal directly with the issues of climate finance in addition to development fund appropriation by ensuring that national institutions in developing countries have direct access to funding.
As the host country of the GCF headquarters, Korea needs to strengthen its role as the GCF’s base of operations and its stance on how to effectively administer the fund. This will require proper deliberation on the direction of global discussions and decisions regarding the operation and deployment of the financial resources of the GCF. Therefore, the Korean government needs to seek out ways of expanding the scope of relevant consultancy services in order to prepare for a greater volume of inquiries about the environment, climate change, and development and encourage private investment in climate-change-related businesses. The government also needs to ensure that the efforts made within the GCF are channeled into transferring expertise to and increasing the capacity of developing countries in terms of climate financing, and reassess Korea’s comparative advantage in that regard.
녹색기후기금(GCF)의 의의와 시사점(Significance and implications of the Green Climate Fund (GCF))
기후재원과 개발재원의 비교 고찰(A comparison of climate and development finance)
|Series Title; No||KIET 산업경제|
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Territorial Development < Environment|
|Holding||KIET; KDI School|