Underdog Songdo hopes to host GCF’s new base

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Underdog Songdo hopes to host GCF’s new base

The Green Climate Fund (GCF), a new world body similar to the International Monetary Fund and World Bank, will decide whether to base its headquarters in Incheon today by a vote.

Korea’s Songdo, in Incheon, and Germany’s Bonn are the final two candidates.

The GCF board will wrap up a four-day meeting in Songdo today and determine the final candidate. A total of 24 member countries will cast their ballots, including the United States, Japan, China and Indonesia.?

Bonn is seen as the stronger contender as the GCF has a temporary office in the German city. However, Incheon has risen as a competitive candidate at the last minute owing to its final preparations, including several environmentally friendly projects such as a bicycle riding campaign and a clean-up day event.

If Songdo wins, Korea will become home to one of the world’s three major international bodies. The GCF will also be the largest international institution the country has a hand in running.

The GCF was established to help reduce greenhouse gases, carbon emissions and slow climate change. It is a subsidiary created under the UN Framework Convention on Climate Change.

Seoul pledged to provide 15 floors of offices and $9 million in operating costs if Songdo wins the bid.

The Incheon City Government?has high?hopes of?Songdo becoming a global hub for green growth and international finance.

According to an analysis by the Korea Development Institute, the headquarters would generate an economic effect worth 380 billion won ($344.35 million).

By Song Su-hyun [ssh@joongang.co.kr]
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