The 39^th Green Climate Fund (GCF) Board meeting was held in Songdo, Incheon from July 15 to 18. At the meeting, the Board approved 17 projects, including the “Collaborative R&DB Programme for Promoting the Innovation of Climate Technopreneurship” by Korea Development Bank (KDB), and 6 accredited entities to implement projects.

KDB’s project aims to support the transfer of climate technology from leading global companies, including those from Korea, to five Southeast Asian countries: Indonesia, Vietnam, the Philippines, Cambodia, and Laos. KDB will receive $100 million from the GCF and an additional $120 million from private investors through managers like NH Investment & Securities, to support the establishment of joint ventures between local enterprises in developing nations and climate technology firms. This project marks the first climate technology transfer fund in Asia, aligned with the United Nations Framework Convention on Climate Change (UNFCCC)’s recommendation to support climate response in developing countries through technology transfer.

Board members expressed gratitude for Korea’s efforts in climate response during the review process of KDB’s project and highly praised its innovative approach to leveraging private capital and facilitating technology transfer. Since committing to its “green ladder” role at the 2023 G20 Summit, Korea has faithfully honored its promises, including signing a $300 million contribution agreement to the GCF this year and announcing a $7 million contribution to the Fund for responding to Loss and Damage.

The GCF, as the world’s largest climate fund, has continuously expanded its investment scale since approving projects worth a total of $100 million in 2015, reaching cumulative approvals of $10 billion in 2021, $11.4 billion in 2022, and $13.5 billion in 2023. In line with the ongoing expansion of GCF projects, the Ministry of Economy and Finance plans to accelerate support for Korean climate technology companies’ entry into developing countries.

Please refer to the attached files.