The United Nations has chosen Korea as the host nation of the Green Climate Fund. Korea beat out Germany, Mexico, Nambia, Poland and Switzerland. The U.N. Green Climate Fund was first initialized through the 15th Conference of Parties’ Copenhagen Accord. The Copenhagen Accord led the way to the Cancun Agreement that created the fund and the 2011 UN Climate Change Conference that set the fund in motion.
The official purpose of the fund is to: “support projects, programs, policies and other activities in developing country Parties using thematic funding windows.” The initial budget of the Fund is anticipated to be around USD 30 billion, however, few countries have made pledges to contribute long-term to the fund.
The UN Green Climate fund will be housed in the nearly vacant Songdo. Hopefully, the announcement will bring a renewed interest in Songdo and an increase interest in the assisting of developing countries in their goals of reducing greenhouse gas emissions.
Sean Hayes may be contacted at: SeanHayes@ipglegal.com.
Sean Hayes is co-chair of the Korea Practice Team for an international law firm. He is the only non-Korean to have worked as an attorney for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty.
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