1. Foreign Minister Yun Byung-se and Co-Chairman of the Green Climate Fund Ewen McDonald formally signed the Green Climate Fund (GCF) Headquarters Agreement in Songdo, Incheon, on June 10.

2. When the aforementioned Agreement is brought into force, the functions of the interim secretariat of the GCF in Bonn, Germany, will be transferred to the independent secretariat to be launched in Songdo upon the completion of administrative and technical preparations.

° The Agreement will take effect after the National Assembly of the Republic of Korea approves its ratification and both parties inform the other party of the completion of internal procedures necessary for the effectuation of the Agreement. The Agreement will be brought into force the day the last notification is received.

3. The GCF Headquarters Agreement stipulates the privileges and immunities granted to the GCF and its staff. Now that the Agreement has been signed, the ROK government will work to implement its pledges made as a candidate host for the GCF, and support the swift establishment and smooth operation of the GCF headquarters.

° In its efforts in 2012 to become the host of the GCF headquarters, the ROK government pledged to conclude a Headquarters Agreement to grant necessary privileges and immunities to the GCF and its staff.

4. The GCF, if put into full gear at an early date, is expected to raise financial resources to help developing countries counter and adapt to climate change, thereby contributing to the resolution of the global climate change issue.

° One of the key issues of the ongoing negotiations on a new, post-2020 climate regime is to raise financial resources to address climate change with. The GCF, in the light, is expected to contribute to moving forward with relevant negotiations.

               Spokesperson and Deputy Minister for Public Relations of MOFA

* unofficial translation