SEOUL — South Korea has pledged $7 million to a global fund aimed at addressing the adverse effects of climate change, particularly in supporting underdeveloped nations that face severe challenges. This contribution was announced by Deputy Finance Minister Choi Ji-young during a board meeting of the Fund for Responding to Loss and Damage held in Songdo.
According to Yonhap News Agency, the fund, which was established at the 2023 United Nations Climate Change Conference (COP28), is designed to assist vulnerable countries in managing the impacts of climate change. "We expect that this contribution will serve as a catalyst for encouraging parties to contribute more voluntarily," Choi stated during the meeting. He further emphasized South Korea's commitment to sharing expertise and resources for climate response and green transitions with the international community.
To date, the fund has received pledges totaling $792 million from 19 nations, showcasing a global effort to mitigate the challenges posed by climate change.