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Green Climate can help developing countries deal with environmental issues: South Korea

Green Climate can help developing countries deal with environmental issues: South Korea

SEOUL: Finance Minister Choi Kyung-hwan urged the Group of 20 major economies to lend support to the Green Climate Fund (GCF), an organization that helps developing countries tackle climate change-related problems, in Washington.

In a meeting held immediately after the G-20 financial ministerial gathering, Choi said the GCF can help developing countries deal with environmental issues, adding that climate change can be utilized as growth opportunities.

The meeting was also attended by World Bank Group President Jim Yong Kim, U.N. Secretary-General Ban Ki-moon, IMF Managing Director Christine Lagarde and GCF Executive Director Hela Cheikhrouhou.

Launched in late 2010, the GCF is a U.N. organization whose main objective is to channel money from industrialized nations to developing countries to help them tackle climate change-related problems. It is based in South Korea’s Songdo, west of Seoul. Ban echoed the view, adding raising funds for the GCF will help small islands and other vulnerable countries to climate change.

Choi, who doubles as deputy prime minister in charge of economic affairs, is in Washington to discuss issues that include investment and infrastructure development, financial and tax reforms, and efforts that can be taken by countries around the world to vitalize growth with the G20. Choi also met Chinese Finance Minister Lou Jiwei and asked China to reflect South Korea’s interests in the Asian Infrastructure Investment Bank (AIIB), a China-led regional development bank.

During his meeting with Standard & Poor’s Ratings Services, Choi also highlighted the economic improvement of South Korea and suggested the global ratings agency raise the credit rating of Asia’s fourth-largest economy.