SEOUL– The Green Climate Fund (GCF), an international organization on fighting climate change, has approved US$550 million in funding for projects in 35 nations, South Korea’s finance ministry said Friday.
The board of the GCF endorsed the funding plan for nine projects, including one proposed by the state-run Korea Development Bank (KDB), to improve energy efficiency in Indonesian industries, according to the Ministry of Economy and Finance.
The KDB is one of two accredited entities of the GCF in South Korea, along with the Korea International Cooperation Agency (KOICA).
Under the decision, the GCF will provide $105 million for the project, estimated at $250 million. The remaining amount will be funded through Indonesian financial institutions.
The decision was made during six days of board meetings in Incheon, 30 kilometers west of Seoul, that began Saturday.
The GCF, launched in 2010 in Songdo, west of Seoul, aims to channel money from industrialized nations to developing countries to help them tackle climate change-related problems.
Source: Yonhap News Agency