Korea pledges additional $300 million to GCF

Economy

Published: 10 Sep. 2023, 16:09

Korea pledges additional $300 million to GCF

Korean President Yoon Suk Yeol, center, attends a session of the Group of 20 summit at the Bharat Mandapam convention center in New Delhi on Sept. 9, 2023. [YONHAP]

The U.N. Green Climate Fund (GCF) on Sunday welcomed Korea's decision to additionally contribute $300 million to the fund as part of the country's efforts to help combat climate change.

Korean President Yoon Suk Yeol made the pledge a day earlier at the Group of 20 (G20) summit in New Delhi, saying the country will play the role of a "green ladder" to help countries vulnerable to climate change.

"This pledge is testament to Korea's commitment to global climate action and confidence in our resolve to support the most vulnerable communities and national ambitions. It sends a strong signal to other countries to follow Korea's lead," GCF executive director Mafalda Duarte said in a statement.

Korea has already made two contributions to the fund — $100 million in 2013 and $200 million during the 2020-23 fundraising period.

The GCF is the world's largest climate fund, based in Incheon, and tasked with helping developing nations fight climate change.

Yonhap