November 28, 2024

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Finance Minister Choo Kyung-ho (left) and Asian Development Bank President Masatsugu Asakawa pose for photos at a meeting held Wednesday. (Ministry of Economy and Finance)

South Korea and the Asian Development Bank announced Wednesday that they would launch a joint organization to facilitate climate change talks and networking.

Finance Minister Choo Kyung-ho and ADB President Masatsugu Asakawa signed an agreement to set up the organization called ADB-Korea Climate Technology Hub, or K-Hub, in Seoul next year.

The deal was made during the 56th Annual Meeting of the Board of Governors of the Asian Development Bank, taking place in Incheon’s Songdo district.

According to the Finance Ministry, K-Hub will consist of climate experts from the public and private sectors, and function as the base of a global climate change network.

It will support ADB member countries in the Asia-Pacific region as a climate think tank, sharing policies and knowledge related to climate change. It will be the first regional unit of the Manila-based international organization in Korea.

"Korea is proud to help the economies of Asia and the Pacific to meet their development needs," Choo said through the ADB.

"I hope K-Hub will be a platform for governments and companies around the world to explore climate solutions and share climate technology and knowledge.”

The ADB viewed Korea to be an appropriate location for the hub as inter-governmental organizations Global Green Growth Institute and Green Climate Fund are both located in the country. It deemed the hub can create synergy with the organizations.

Through K-Hub, member states will be able to access and implement solutions to challenges posed by climate change, the ADB said.

The arrangements follow the previous meeting held by Choo and Asakawa in October. Asakawa visited Korea last year ahead of the annual conference and the two countries agreed to launch a hub to tackle climate change.

The ADB has pledged to raise the quota for climate financing to its developing member countries to a total of $100 billion by 2030, hoping to function as a “climate bank.”

Meanwhile, Korea has promised to participate in more ADB-led projects such as the Asia Pacific Project Preparation Facility, ADB Ventures and ADB Frontier Facility.

South Korea and the Asian Development Bank announced Wednesday that they would launch a joint organization to facilitate climate change talks and networking.

Finance Minister Choo Kyung-ho and ADB President Masatsugu Asakawa signed an agreement to set up the organization called ADB-Korea Climate Technology Hub, or K-Hub, in Seoul next year.

The deal was made during the 56th Annual Meeting of the Board of Governors of the Asian Development Bank, taking place in Incheon’s Songdo district.

According to the Finance Ministry, K-Hub will consist of climate experts from the public and private sectors, and function as the base of a global climate change network.

It will support ADB member countries in the Asia-Pacific region as a climate think tank, sharing policies and knowledge related to climate change. It will be the first regional unit of the Manila-based international organization in Korea.

"Korea is proud to help the economies of Asia and the Pacific to meet their development needs," Choo said through the ADB.

"I hope K-Hub will be a platform for governments and companies around the world to explore climate solutions and share climate technology and knowledge.”

The ADB viewed Korea to be an appropriate location for the hub as inter-governmental organizations Global Green Growth Institute and Green Climate Fund are both located in the country. It deemed the hub can create synergy with the organizations.

Through K-Hub, member states will be able to access and implement solutions to challenges posed by climate change, the ADB said.

The arrangements follow the previous meeting held by Choo and Asakawa in October. Asakawa visited Korea last year ahead of the annual conference and the two countries agreed to launch a hub to tackle climate change.

The ADB has pledged to raise the quota for climate financing to its developing member countries to a total of $100 billion by 2030, hoping to function as a “climate bank.”

Meanwhile, Korea has promised to participate in more ADB-led projects such as the Asia Pacific Project Preparation Facility, ADB Ventures and ADB Frontier Facility.

By Im Eun-byel (silverstar@heraldcorp.com)