South Korea pledges additional $300 million to Green Climate Fund at G20 session

South Korean President Yoon Suk Yeol (C) attends a session of the Group of 20 summit at the Bharat Mandapam convention center in New Delhi (Yonhap)

NEW DELHI: South Korean President Yoon Suk Yeol pledged an additional $300 million to the Green Climate Fund (GCF) as part of the country’s efforts to help counter climate change.

Yoon made the announcement during the first session of the Group of 20 (G20) summit under way in New Delhi, which was held under the theme “One Earth” to address climate change and the environment.

The GCF is an international organization based in the South Korean port city of Incheon and tasked with assisting developing nations fight climate change.

“The Republic of Korea will play the role of a ‘green ladder’ to assist nations vulnerable to climate change,” Yoon said, referring to South Korea by its formal name.

“We plan to additionally contribute $300 million to the Green Climate Fund, and help developing nations’ adaptation to climate change and reduction of greenhouse gases,” he said, calling for the G20’s active contribution to the fund.

South Korea has contributed funding twice — $100 million in 2013 and $200 million during the 2020-23 fundraising period — making this the third time it will contribute to the fund.

Yoon said South Korea will also lead international cooperation for the transition to clean energy, such as by using its world-class nuclear power technology to assist countries seeking to reduce greenhouse gas emissions and strengthen energy security.

Furthermore, South Korea will step up its development of small modular reactors, and work with the international community to develop hydrogen technologies and establish related standards, he said.

According Seoul’s presidential office, South Korea is currently the leading nation in the world in terms of the number of hydrogen vehicles in operation.

In addition, Yoon presented a vision to build a green shipping corridor, a term referring to the reduction of carbon emissions from vessels and ports, through the development of low-carbon and carbon-free vessels as well as environment-friendly port infrastructure.

The presidential office said the move to build a green shipping corridor will help maintain the competitiveness of South Korea’s exports and provide a boost to the nation’s shipbuilding industry.

YONHAP