The Republic of Korea commits significant increase in support to GCF

The Green Climate Fund (GCF) welcomes the Republic of Korea’s announcement of a USD 300 million pledge for its second replenishment (GCF-2). The announcement was made by South Korean President Yoon Suk Yeol at the G20 Leaders’ Summit in New Delhi on 9 September 2023.

South Korea has been a long-term supporter of GCF, contributing to the Fund since its initial resource mobilisation period and is the Fund’s host country with the GCF headquarters based in Incheon.  This pledge represents a significant increase of 50 per cent from its commitment for GCF’s first replenishment (GCF-1).

South Korea’s generous contribution and consistent support of GCF are greatly welcomed by the Fund, which is a mark of the country’s commitment to GCF and global climate action.  It is the 7th contributor to announce an early pledge for GCF-2, following Czechia, Austria, Germany, Monaco, Canada, and more recently Denmark. The country’s pledge is an added boost for the growing momentum surrounding GCF’s second replenishment and in the lead up to the Fund’s High-Level Pledging Conference in Bonn, Germany on 5 October 2023.

In his remarks at the G20 Summit, President Yoon said, ‘Korea will act as the ‘green ladder’ which supports countries that are vulnerable to climate change’ and he hoped that South Korea’s contribution will support mitigation and adaptation efforts of developing countries. He also urged other G20 members to join South Korea in supporting GCF’s second replenishment.

Mafalda Duarte, GCF Executive Director said, ‘I’m deeply grateful to the Republic of Korea for its increased commitment to GCF and warm welcome as I take on this new role. I’m also appreciative of the special relationship we share with Korea, GCF’s host country. This pledge is testament to Korea’s commitment to global climate action and confidence in our resolve to support the most vulnerable communities and national ambitions. It sends a strong signal to other countries to follow Korea’s lead.’

GCF is the world’s largest climate fund – currently a USD 12.8 billion fund, with USD 48.3 billion total assets under management, supporting developing nations respond to the climate crisis by funding mitigation and adaptation projects.