GCF board approves US$590 mln worth of climate projects

SEOUL, March 17 (Yonhap) -- The Green Climate Fund (GCF), an international organization on fighting climate change, has approved US$590 million in funding for projects in 33 nations, the finance ministry said Friday.

The board of the GCF endorsed the funding plan for seven projects, including those under cooperation with the Food and Agriculture Organization and the World Bank, according to the Ministry of Economy and Finance.

The decision was made during five days of board meetings in Incheon, 27 kilometers west of Seoul, which began Sunday.

The GCF has participated in 216 projects worth $45 billion so far, contributing around $12 billion, including the newly approved ones.

Such projects have helped cut 2.5 billion tons of greenhouse-gas emissions and benefited around 913 million people, it added.

The GCF, launched in 2010 in Songdo, 36 km southwest west of Seoul, aims to channel money from industrialized nations to developing countries to help them tackle climate change-related problems.

During the latest meetings, the GCF also picked Mafalda Duarte, who heads Climate Investment Funds, as the new executive director with a four-year term.

Source: Yonhap News Agency

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