Seoul, Republic of Korea – April 25, 2025 – The Cambodian Ministry of Environment and Global Green Growth Institute (GGGI) have concluded four days of insightful and progressive exchanges of best practices in an innovative climate finance learning visit in the Republic of Korea. Part of the GGGI in Cambodia’s GCF readiness project, the learning visit began in Songdo and ended in Seoul. This activity is funded by the Green Climate Fund (GCF).

The learning visit aimed to enhance the expertise and capacity of key stakeholders in GCF accreditation procedures, sustainable finance landscape, climate financing and the development of sustainable capital markets. The exchange included a visit by the Cambodian delegation to the GCF headquarters to be briefed on the GCF’s strategy, funding mechanism, and, importantly, the accreditation process. The delegation also met with various Korean-based entities to learn about the best practices. This included approaches in green finance and investment strategies as well as success stories, including GGGI-supported private sector investments through thematic bonds, former landfill transformed into Haneul Sky Park and Mapo Resource Recovery Facility.

H.E. Sum Thy, Director General, General Directorate of Policy and Strategy, Ministry of Environment, head of the Cambodian delegation said the Republic of Korea’s mainstreaming of sustainable financing and its continued effort to coordinate the sustainability agenda across the public and private sectors provides a successful example.

“Financial flows from developed countries, including the Green Climate Fund will support Cambodia to achieve her commit in the Nationally Determined Contribution (NDC3.0). From government policy, financial instruments (i.e. green bonds, standards and technologies, this country offers a comprehensive overview for fostering sustainable finance. The insights and knowledge gained from this visit will be very valuable for us to effectively utilize available climate financing mechanism and accelerate GCF accreditation.” H.E. Sum Thy said.

The GCF Readiness Programme has been crucial in expanding the government and private sector capacity and helping them navigate the complex landscape of climate finance. Mr. Nou Sotiara, Head of Business Division, Foreign Trade Bank of Cambodia (FTB), said, “To achieve Cambodia’s climate actions and targets, it is essential to mobilize support from the private sector. As one of the leading banks in Cambodia, FTB is proud to be part of this project and the learning visit. The entire experience has been invaluable and insightful, providing us with a clearer understanding of areas for improvement and the way forward.”

As outlined in Cambodia’s Nationally Determined Contribution (NDC), to achieve the 41.7% reduction in greenhouse gas emission by 2030, the country would require over $ 5.8 billion for climate mitigation and $ 2 billion for adaptation action. This is where climate financing comes. GCF funding supports climate ambitions and is provided through partners that meet the required fiduciary standards, environmental and social safeguards (ESS), and gender policies.

Mr. Henry Gonzalez, the Chief Investment Officer of the GCF, said, “The GCF is committed to supporting Cambodia in its pursuit of a sustainable, low-carbon and climate-resilient future. We are delighted to have welcomed the Cambodian delegation to our headquarters to share knowledge and explore accreditation acceleration, financing mechanisms and best practices on the ground.”

During the week-long learning visit, after meeting with GCF, the delegation attended a series of bilateral meetings, knowledge sharing sessions and site visits with Korean-based counterparts, including Korea Development Bank (KDB), Korea Exchange (KRX), Financial Supervisory Service (FSS), Bank of Korea (BOK), Mapo Resource Recovery Facility, Haneul Park, and GGGI (HQ). The learning visit also consisted of high-level participants from the Ministry of Environment, National Council for Sustainable Development, Ministry of Economy and Finance, National Bank of Cambodia, Association of Bank of Cambodia, Securities and Exchange Regulator of Cambodia, and private banks, including ACLEDA Bank, Foreign Trade Bank of Cambodia and ABA Bank.