By Yi Whan-woo
As the government moves away from former President Lee Myung-bak's emphasis on "green growth," there are signs that South Korea is becoming less enthusiastic about supporting the U.N.-operated Green Climate Fund (GCF), despite Korea's role as the host of the fund's headquarters in Songdo, Incheon.
The Ministry of Strategy and Finance said Wednesday that it had not decided whether to provide additional funding for the GCF, a financial mechanism under the U.N. Framework Convention on Climate Change.
"We have not decided the details about raising extra funds for the GCF," an official within the ministry's Green Climate Policy Division said on condition of anonymity.
Based in the international business district of Songdo, within the city of Incheon, the GCF is designed to channel climate aid to poor nations. Since its main office was set up in Songdo in December 2013, its goal has been to raise $100 billion a year between now and 2020. But it has so far only had seed capital to set itself up, according to the sources. Korea promised $41 million each year by 2020 but has instead contributed only $12 million annually, according to the ministry.
Such lack of support comes amid President Park Geun-hye's push for a "creative economy," a departure from former President Lee Myung-bak's signature economic development policy centering on "green growth."
Since Park took office in February 2013, her economic paradigm has focused on nurturing science as well as information and communications technology (ICT). Lee's initiatives favored businesses that could prevent climate change and protect the Earth's ecosystem.
The GCF comprises some 190 U.N. member states. Its board comprises 24 countries, with 12 members each from developing and developed economies. Board members include the United States, Japan, China, India and Mexico; Germany and the Philippines serve as co-chairs.
German Chancellor Angela Merkel pledged on July 16 to give 750 million euros ($1 billion) to the GCF ― the first major pledge the fund has received since the establishment of the headquarters.
Merkel's promise preceded Park's visit to the U.N. General Assembly and other related meetings next week.
They include the U.N. Climate Summit on Sept. 23, during which she will explain the efforts being undertaken by the Seoul government to protect the environment and nurture related industries.
Pointing out that Korea won over Germany in 2012 when the GCF's interim secretariat met to decide which country would have the honor of hosting the headquarters, the government said it would take Merkel's pledge into consideration before finalizing the content of Park's U.N. speech on the environment.
"We and other GCF member countries are aware of Germany's promise, and we'll deal with it carefully," the ministry official said.
He added that Korea had faithfully fulfilled its duties as GCF host.
"The GCF categorizes Korea as one of the developing economies, and our efforts meet conditions required by such group of countries," he said.
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| President Park Geun-hye |
The Ministry of Strategy and Finance said Wednesday that it had not decided whether to provide additional funding for the GCF, a financial mechanism under the U.N. Framework Convention on Climate Change.
"We have not decided the details about raising extra funds for the GCF," an official within the ministry's Green Climate Policy Division said on condition of anonymity.
Based in the international business district of Songdo, within the city of Incheon, the GCF is designed to channel climate aid to poor nations. Since its main office was set up in Songdo in December 2013, its goal has been to raise $100 billion a year between now and 2020. But it has so far only had seed capital to set itself up, according to the sources. Korea promised $41 million each year by 2020 but has instead contributed only $12 million annually, according to the ministry.
Such lack of support comes amid President Park Geun-hye's push for a "creative economy," a departure from former President Lee Myung-bak's signature economic development policy centering on "green growth."
Since Park took office in February 2013, her economic paradigm has focused on nurturing science as well as information and communications technology (ICT). Lee's initiatives favored businesses that could prevent climate change and protect the Earth's ecosystem.
The GCF comprises some 190 U.N. member states. Its board comprises 24 countries, with 12 members each from developing and developed economies. Board members include the United States, Japan, China, India and Mexico; Germany and the Philippines serve as co-chairs.
German Chancellor Angela Merkel pledged on July 16 to give 750 million euros ($1 billion) to the GCF ― the first major pledge the fund has received since the establishment of the headquarters.
Merkel's promise preceded Park's visit to the U.N. General Assembly and other related meetings next week.
They include the U.N. Climate Summit on Sept. 23, during which she will explain the efforts being undertaken by the Seoul government to protect the environment and nurture related industries.
Pointing out that Korea won over Germany in 2012 when the GCF's interim secretariat met to decide which country would have the honor of hosting the headquarters, the government said it would take Merkel's pledge into consideration before finalizing the content of Park's U.N. speech on the environment.
"We and other GCF member countries are aware of Germany's promise, and we'll deal with it carefully," the ministry official said.
He added that Korea had faithfully fulfilled its duties as GCF host.
"The GCF categorizes Korea as one of the developing economies, and our efforts meet conditions required by such group of countries," he said.
