Incheon strives to create climate cluster through cooperation with GCF
Incheon strives to create climate cluster through cooperation with GCF
  • By Yeoun Je-hyun (joyjh@koreaittimes.com)
  • 승인 2014.05.23 00:31
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Incheon Metropolitan City has been preparing to create a climate cluster through close cooperation with the Green Climate Fund (GCF), a senior city official said.

Cho Young-geun, Director of the City’s Environmental Green Belt Bureau


In an interview with Korea IT Times, Cho Young-geun, director of the city’s environmental green belt bureau, said, “Since December 2013 when the GCF secretariat was launched in Songdo, Incheon, we have been making all-out efforts to effectivelycope with global climate change and develop Incheon into a central city of green financing.

“For a successful settlement and operation of the GCF secretariat, the vigorous support of advanced countries coupled with the active participation by developing countries are essential.”

Cho also claimed that the city will create a climate wherebythe private sector and advanced countries can actively participate in the fund creation through close cooperation with global organizations.

“At the same time, we will play a role in maintaining balance between developed and developing countries by providing Korean companies and institutions with an opportunityforvarious projects to reduce greenhouse gas and cope with climate change,” said Cho.

Noting that the city has been implementing a step to help GCF officials settle down in Songdo at an early date by offering enough office space and holding a GCF forum, he said, “We will actively foster Songdo as a convergence city of green financing, environmental industry and service industry.

“Related to this, we will hold a variety of international conferences and events related to climate finance and green financing, while taking a lead in climate change governance linked with medical services, education, meetings, incentives, conventions, events & exhibitions (MICE), tourism and R&D.”

The city will activate ongoing projects to reduce greenhouse gas and carry out a green life campaign by establishing a global green capital master plan and applying the 5R (reduce, reuse, recycle, reformation, redistribution) environmental movement to the city administration, Cho said.

“Apart from this, we will persistently exert effort to attract other global organizations in an attempt to make Incheon a model city housing many world-famous international organizations,” he said.

“On a long-term basis, I think, the Songdo international city should be developed into a climate cluster where many climate-related industries, research centers, state-run corporations and global organizations move in,” said Cho.

The GCF plans to garner $30 billion by 2015, and secure $100 billion in funding each year from 2020. The GCF was launched with $6.9 million in hand with 30 staff.

The GCF is expected to create 380 billion ($344 million) in economic effects for Korea as well as promote the country’s image.

The World Bank also held its inauguration ceremony in December 2013 to start its operation at the twin building G-Tower, where the GCF is housed.

Commenting that a financial resource distribution principle, a method to set up an independent appraisal audit organization and the operation rule of the secretariat, among the GCF business models, were approved at the 6thGCF board of directors’ meeting in Bali, Indonesia,this past February, he said, “With the approvals, the GCF’s ability was upgraded further. At the 7thboard of directors meeting to be held in Songdo this time, they are also scheduled to discuss a way to secure enough financial resources.”

Meanwhile, U.N. Secretary General Ban Ki-moon is inviting heads of state and government along with business, finance, civil society and local leaders to a climate summit in September 2014, in New York,as part of a global effort to mobilize action and ambition on climate change.

“At the meeting, heads of advanced and developing countries are expected to discuss a road map to raise the GCF attracted by Songdo. We expect they will reach an agreement to raise the climate fund in order to reduce carbon dioxide and cope with climate change through the U.N.’smediatory role,” he said.

Stressing the importance of action to cope with climate change, World Bank President Kim Yong recently warned about the possibility of a war over water and food following climate change in an interview with a British daily newspaper right after the G20 meeting held in Washington D.C. in April this year.

 


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