Korea and GGGI organize seminar to support developing countries access climate action finance

This week, the Korean Ministry of Economy and Finance hosts the 4th Seminar on Climate Change Projects and Programs (CCPP) to provide a cooperation platform for representatives from developing countries who work with the Green Climate Fund (GCF) to mobilize climate finance. Co-organized by the Global Green Growth Institute (GGGI), the CCPP kicked-off on November 05, with a forum dedicated to emerging opportunities and trends in climate finance, followed by a 2-day knowledge sharing seminar for public officials from developing countries. More than 200 participants attended the forum on the first day, exploring ideas to overcome private investors’ concerns that climate projects tend to be “too small, too expensive and too risky”. Speakers representing private sector financiers highlighted in particular the risks of changing legal frameworks for climate investments.

In his welcome remarks, Mr. Chang Huh, Director General of the Ministry of Economy and Finance, highlighted the importance of technology and knowledge transfer that cater to the needs of developing countries. Ms. Jenny Kim, Deputy Director General, GGGI, outlined in her congratulatory remarks the growing success in mobilizing climate finance and highlighted the important role of knowledge sharing to build capacity in developing countries. Cross-regional knowledge sharing can be especially useful as it helps policy and decision makers gain new insights from peers. Oyun Sanjaasuren, Director of External Affairs at the Green Climate Fund (GCF), underlined that demand for climate finance from the GCF exceeds the available funds and that greater efforts are needed to attract climate funding from public and private sources.

In the coming days, seminar participants will continue to discuss strategies for utilizing international climate finance with partners such as the GCF. Country representatives will share their experience on the challenging aspects of climate change projects from a country perspective, including establishing a strategic national approach to climate change through GCF country programs.