Deputy Prime Minister Choo Kyung-ho and Executive Director of the Green Climate Fund (GCF) Yannick Glemarec held bilateral talks in Seoul on March 7 and discussed issues such as GCF’s major achievements and second replenishment.
Marking the 10th anniversary of the establishment of GCF’s headquarters in Songdo, Korea, the two parties appreciated each other’s efforts to help further develop the Fund and highly recognized GCF’s progress evidenced by the fact that the Fund has grown in scale and capability and eventually became the world’s biggest climate fund. As of now, GCF has approved 209 projects and has committed US $11.4 billion in climate finance.
They agreed on the importance of the Fund’s second replenishment from 2024 to 2027 to ensure that the Fund will continue to support developing countries’ policy efforts to respond to climate change.
Asked about Korea’s plans to contribute to the second replenishment, DPM Choo explained that as the host country of the GCF’s headquarters, Korea pledged a total of US $300 million for the Fund’s initial resources mobilization and first replenishment and is currently implementing its pledges. In addition, Korea will actively participate in the discussions for the second replenishment and will unveil its contribution plans at an opportune time.