From climate ambition to action: GCF and GGGI emphasise partnerships and institutional capacity

GCF and GGGI have a longstanding partnership through the Readiness and Preparatory Support Framework Agreement signed in 2017 to strengthen collaboration on climate finance and readiness support.

In their opening remarks, the two climate leaders acknowledged the importance of partnerships in delivering climate finance.

Mafalda Duarte, GCF Executive Director, said, “Climate impacts are accelerating everywhere, and this is happening at a time when international cooperation is fragile. Development budgets are shrinking. Now is the moment to step up. The Republic of Korea understands this, as GCF’s host country and one of our top ten contributors.”

She added: “Our partnership with GGGI matters so much. Through our Readiness Programme, together we are deploying USD 74 million across 38 countries, supporting institutions like the Mongolia Green Finance Corporation and the Vanuatu National Green Energy Fund.”

Sang-Hyup Kim, Director-General of GGGI, said, “We will continue leading global green growth agendas such as the Global Voluntary Carbon Mechanism and Green AI while deepening strategic cooperation with GCF to develop practical joint initiatives and implementation plans.”

Ban Ki-moon, former United Nations Secretary General and Chair of the GGGI Council. echoed these sentiments, describing the GCF-GGGI partnership as an example of cooperation intended to support countries from policy development and project preparation through to financing.

The event brought together ambassadors and representatives of diplomatic missions from 100 countries and participants from Korean policy banks, corporations, public institutions, and research organisations.

Asal Al-Tal, Ambassador of the Hashemite Kingdom of Jordan to the Republic of Korea, said Jordan is committed to expanding its collaboration with the Green Climate Fund, citing key milestones such as the selection of Amman to host its new regional office serving the Eastern Europe, Central Asia and the Middle East and the GCF Board’s approval of 295 million for the Jordan-Aqaba water desalination and conveyance project.

“This monumental project is designed to enhance water security by providing a sustainable and reliable water supply. It is the largest water project in Jordan’s history today. With an estimated overall cost of USD 5.8 billion, GCF’s commitment to this project is significant to strengthening my country’s water security”

Other speakers at the conference included Hur Jang, Republic of Korea’s Second Vice Minister of Finance and Economic Planning; Andrew Bwezani Banda, Ambassador of the Republic of Zambia to the Republic of Korea; Jeff Robinson, Ambassador of Australia to the Republic of Korea; Karl-Olof Andersson, Ambassador of Sweden to the Republic of Korea; Nishi Kant Singh, Deputy Chief of Mission at the Embassy of India in Seoul; Artur Cardoso de Lacerda, GCF Chief Strategy and Impact Officer; and Gerard O’Donoghue, GGGI Deputy Executive Director.

The afternoon sessions focused on how institutions can support countries across the climate finance cycle, from readiness and policy design to project preparation and implementation. Speakers also discussed the role of the private sector, including the need to build pipelines of bankable projects, strengthen enabling environments and use public finance to mobilise private investment.