S. Korea - Seoul hosts UN fund
October 21, 2012, Sunday
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Print Edition
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SOUTH Korea says it has been chosen to host a new UN climate fund that aims to channel US$100 billion a year in aid to developing nations.
Seoul's Finance Ministry says the decision was made yesterday in a vote by the fund's 24-member board in Songdo, South Korea.
The Green Climate Fund is envisaged as the world's biggest financier for helping developing nations adapt to climate change and move toward low-carbon economic growth. It would draw and distribute US$100 billion that rich nations have pledged annually by 2020.
Six nations - South Korea, Germany, Mexico, Namibia, Poland and Switzerland - vied to host the fund. Officials say the decision to pick South Korea is expected to be endorsed at the UN Climate Conference in Qatar later this year.
Seoul's Finance Ministry says the decision was made yesterday in a vote by the fund's 24-member board in Songdo, South Korea.
The Green Climate Fund is envisaged as the world's biggest financier for helping developing nations adapt to climate change and move toward low-carbon economic growth. It would draw and distribute US$100 billion that rich nations have pledged annually by 2020.
Six nations - South Korea, Germany, Mexico, Namibia, Poland and Switzerland - vied to host the fund. Officials say the decision to pick South Korea is expected to be endorsed at the UN Climate Conference in Qatar later this year.
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