Published : 2012-03-14 15:22
Updated : 2012-03-14 19:33
Incheon Metropolitan City has been selected by the Ministry of Finance and Strategy as the South Korean candidate for the location of the U.N. Green Climate Fund’s secretariat.
The Green Climate Fund or GCF is a U.N.-operated fund that supports developing countries’ efforts to fight climate change.
The plans for establishing the GCF were drawn up in November 2010, and plans to direct $100 billion per year into the fund until 2020 were approved in the same month last year.
The ministry said Tuesday that Incheon was chosen over Seoul as the coastal city was considered more competitive as a potential site of the U.N. organization.
Incheon will be formally entered as a candidate for the site of the GCF headquarters before April 15, the ministry said.
The location of the GCF’s headquarters will be decided by the 24-member board, and finalized at the climate change conference in Qatar at the end of the year.
The board consists of representatives from 12 developed and 12 developing nations.
“Being chosen as the location of the U.N. GCF will provide the opportunity for Songdo International City to become the mecca of low-carbon, green growth,” Incheon Mayor Song Young-gil said in a statement. Songdo International City is a planned urban area in Incheon.
Song added that Incheon will also try to host the Global Green Growth Institute and the Green Technology Center, and requested public support for the city’s bids.
So far, China, Germany, Mexico and Switzerland have announced that they hope to establish the GCF secretariat in their cities.
According to the Finance Ministry, Germany and Switzerland have the most support, but being based in Asia will help Incheon’s bid as it will help balance international environmental organizations, which are mostly based in Europe and North America.
The ministry also projected that Korea’s contributions to environmental issues on the international stage will act in favor of Incheon.