Korea becomes the first director of the Green Climate Fund… Will global green leadership be strengthened? [COP29 브리핑]

Even just one day before the closing of the 29th United Nations Framework Convention on Climate Change Conference (COP29), there has been no agreement on the ‘New Climate Financing Target (NCQG)’, a key agenda item.

21st ReutersAccording to the NCQG’s draft agreement, the exact amount was left blank. The draft agreement states, “At least annually from 2025 to 2030. [X]It included the phrase “procure trillion dollars worth of climate finance,” but the specific amount was left blank.

After the draft agreement was released, negotiators from each country strongly opposed it. Bobk Hoekstra, the European Commission’s climate action member, said, “The draft in its current form is clearly unacceptable,” and Panama’s chief negotiator Juan Carlos Monterrey Gomez expressed disappointment, saying, “Only very weak text remains.” I did it. Power Shift Africa, an African climate and energy think tank, criticized the draft as “nothing more than a blank piece of paper.”

COP29. /Graphics=Better Future

Korea becomes first director of Green Climate Fund

Korea has decided to serve as the 5th director of the Green Climate Fund (GCF) for two years, 2025 and 2027, and to assume the position of acting director in 2026. The Ministry of Strategy and Finance said, “This is the result of strengthening climate response efforts in the international community, such as increasing contributions to the Green Climate Fund, electing high-ranking officials at the Global Green Growth Institute (GGGI), and approving the Korea Development Bank’s climate fund project.”

Using this appointment as director, the government plans to expand Korea’s influence in the Green Climate Fund and strengthen support for countries vulnerable to climate change. Through this, we plan to actively support domestic companies entering related businesses.

Last month, Kim Hyun-jeong, Director of Personnel and Organizational Culture, attracted attention as she became the first Korean to be appointed as Director of the Green Climate Fund. The Ministry of Strategy and Finance predicted that “Korea’s status in international organizations will be further strengthened with the appointment of director.”

Developing countries ‘impede climate response’ due to EU carbon border tax

At COP29 on the 21st (local time), criticism was also raised that the EU’s carbon border tax acts as a trade barrier and makes it difficult for developing countries to respond to climate change.

On this day ReutersAccording to , the developing country negotiating team argued that “trade barriers such as carbon border taxes cause financial resources for the green transition to be consumed by developed countries’ trade policies” and “this actually entrenches the ‘state of underdevelopment’ in developing countries.” With the addition of President-elect Trump’s policy of strengthening tariffs, there were concerns that developing countries’ economies and climate response would face a double whammy.

Ki-yong Cho, Better Future Reporter