On February 27, the Ministry of Finance and Economy (Director General for Development Finance Moon Ji-sung) held the first Korea-Green Climate Fund (GCF) Annual Consultation with the GCF (Executive Director Mafalda Duarte) at the GCF Seoul Office.
During the annual consultation, the GCF presented its key achievements in carbon mitigation and adaptation, as well as its strategic direction going forward, including institutional reforms and resource mobilization efforts in response to growing demand for climate projects from developing countries. The Korean side welcomed these developments.
In particular, during the consultation, both sides agreed to establish a high-level tripartite consultative body involving the Ministry of Finance and Economy, the GCF, and the Global Green Growth Institute (GGGI), and to hold regular meetings on an annual basis. Through this consultative body, the three institutions will explore avenues for cooperation in promising climate-related sectors, including AI, energy transition, and carbon finance. The establishment of the high-level tripartite consultative body is expected to serve as a significant milestone in strengthening cooperation between the Korean government and climate-related international organizations headquartered in Korea, while also contributing to Korea’s efforts in international climate action.
In addition, the two sides discussed the conversion of greenhouse gas emission reductions generated from GCF-financed projects into carbon credits, as well as the Fund’s potential participation in the Global Voluntary Carbon Market (GVCM), currently being promoted by Korea.
The two sides discussed detailed procedures for implementing the Memorandum of Understanding (MOU) on the establishment of a GCF Junior Professional Officer (JPO) program, which was signed during the meeting between Deputy Prime Minister and Minister of Finance and Economy Koo Yun Cheol and Executive Director Mafalda Duarte in October last year, and agreed to make efforts to select JPOs within this year.
The Ministry of Finance and Economy and the GCF agreed to hold the next annual consultation in early 2027.
Please refer to the attached files.
