S. Korea to Provide $2.72 Mln for Adaptation Fund at COP27

South Korea’s Ministry of Finance announced that it will provide a total of 3.6 billion won (US$2.72 million) for the Climate Change Adaptation Fund, during its participation in COP27, which is being held in Sharm El-Sheikh.

The KCNA news agency, Yonhap, reported on Wednesday that the ministry will contribute 1.2 billion won annually to the Adaptation Fund over the next three years starting in 2023, according to the ministry's statement.

It added that the fund has been financing projects and programs in developing country societies that are particularly vulnerable to the negative effects of climate change since 2010, and has allocated $923.5 million for projects and programs so far, including 132 concrete projects.

The ministry recalled that Korean Prime Minister Han Duck-soo said last October at a conference on sustainable dialogue in the Pacific region that Seoul would increase its funding to help developing countries mitigate the effects of climate change.

South Korea is reportedly joining international efforts to help deal with climate change, as it is home to the Green Climate Fund; it is an international organization to combat climate change that was launched in 2010 in Songdo, western Seoul.