Green Climate Fund launched by UN in South Korea

The Green Climate Fund headquarters in Songdo, South Korea, opened on Wednesday, but concerns around the funding body’s finances remain.

The United Nations (UN) fund aims to raise up to $100 billion (£61 billion) to help countries worldwide reach climate change goals and encourage the developing world to adopt sustainable technology. Despite the opening ceremony this week, the fund will not be fully operational until 2014.

The fund was described on Wednesday as a “dynamic and innovative driver to combat climate change”.

Jose Maria Sarte Salceda, co-chair of the fund’s board, said, “In the Philippines, we have recently experienced in a painful manner why it is so urgent to act on climate change.

“I am, therefore, pleased that the fund is on track to start its resources mobilisation next year with a rapid and substantial initial capitalisation, so that we can get the money flowing to the countries which are in greatest need.”

Whilst South Korea has committed $40m (£24m) to support administration costs, no other funds have been pledged yet. The fund has indicated that it will start collecting contributions during the summer in 2014.

Manfred Konukiewitz, the board’s co-chair, added, “ The government of the Republic of Korea is playing its role, and now we are counting on government and other key actors around the world to do likewise.”

In October, it was announced that the Green Climate Fund was to launch three renewable energy pilot projects in developing countries. The projects aimed to help the countries adapt to climate change whilst getting financial returns.

Further reading:

UN climate change fund set for 2014 ribbon cutting

UN Green Climate Fund set to empower poor countries

UK pledges funding to help developing nations fight climate change

Governments are throwing ‘green money after brown’

Sir David Attenborough: developing world cares about the future of the planet