GCF-green projects

GCF-green projects

GCF board approves US$760 mln worth of climate projects

SEOUL, July 14 (Yonhap) -- The Green Climate Fund (GCF), an international organization on fighting climate change, has approved US$760 million in funding for projects in 38 nations, the finance ministry said Friday.

The board of the GCF endorsed the funding plan for 12 projects under cooperation with governments and international bodies, according to the Ministry of Economy and Finance.

The combined size of such projects is estimated at $3.19 billion, which would cut 380 million tons of greenhouse gas emissions.

The decision was made during four days of board meetings in Incheon, 27 kilometers west of Seoul, which began Monday.

During the meeting, the GCF expressed its commitment to enhancing its capabilities in addressing climate issues in developing nations. Additionally, the organization pledged to pursue development strategies that incorporate climate factors.

The GCF has approved 228 projects worth $48.2 billion so far, contributing around $12.8 billion, including the newly approved ones.

The GCF, launched in 2010 in Incheon, aims to channel money from industrialized nations to developing countries to help them tackle climate change-related problems.

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