Greening the Post-COVID Recovery

Introduction

The Korea Green Growth Trust Fund (KGGTF) is a partnership between the World Bank Group (WBG) and the Republic of Korea. As a technology-driven and implementation-focused trust fund, the partnership supports developing countries in their innovative and sustainable growth strategies and investments. In response to COVID-19 and the economic crisis, KGGTF is fully committed to greening the post-COVID recovery and supporting multi-sectoral initiatives for Green, Inclusive, and Resilient Development (GRID).

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A Visionary and Distinctive Green Growth Partnership

KGGTF, formed in 2011, is the only World Bank Trust Fund devoted to GREEN GROWTH

1.

Funds 7 Key Growth Sectors – Sector Neutral

Unique at the World Bank and appreciated by Global Practices and Management

2.

8+ Years of Green Growth Project Experience and Lessons Learned

In-depth knowledge of green growth – Consistency as green growth issues ebb and recede

3.

Massive Leverage on Lending: $173 of World Bank Group Lending for Every $1

KGGTF has leveraged over $17 billion in WBG co-financing and lending

4.

Dissemination of Korean Technology and Know-how

Sharing of Korean green growth experience and technology and partnership building

Green Growth for Green, Resilient, and Inclusive Development (GRID)

World Bank Group President David Malpass

at The London School of Economics and Political Science on March 29, 2021

Since its inception in 2013, KGGTF has supported 180 green growth programs totaling $98 million which has leveraged over $17 billion in World Bank Group lending and co-financing. ($173 of WBG lending for every $1 of KGGTF funding)

80% of grants support technology innovation

  • Promoting transformative and multi-sectoral projects
  • Fostering innovative technologies
  • Piloting and upscaling innovative approaches
  • Learning from the Republic of Korea
Since its inception in 2013, KGGTF has supported 180 green growth programs totaling $98 million which has leveraged over $17 billion in World Bank Group lending and co-financing. ($173 of WBG lending for every $1 of KGGTF funding)

Why Korea

The Republic of Korea is a highly relevant and inspiring example for countries looking to grow their  economies in an environmentally conscious and sustainable way. Having achieved an extraordinary transformation from resource-poor, lowincome nation into a global leader in technological innovations that provide a high standard of living for citizens, the Republic of Korea is the only country to have transitioned from a recipient of World Bank aid to a donor nation within one generation. Through its successful experience it has gained a unique understanding of the challenges faced by developing countries.

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Close Alignment of WBG Goals for GRID and Korean Green New Deal

KGGTF is the BRIDGE between the World Bank’s efforts for Green, Resilient, and Inclusive Development (GRID) and Korean Green New Deal

Why KOREA

 

Green Growth Priorities and Strategies

KGGTF is unique within the World Bank and highly valued for its multi-sectoral approach. Korea’s skillful response to COVID-19 and green new deal and digital new deal initiatives have brought global attention for its remarkable agility in handling the complex health and economic crisis. The dynamic, technologydriven model deployed exemplifies the green growth approach: multiple sectors collaborating, the government and private sector working in tandem, and the active integration of technology and data, resulting in faster, more efficient and streamlined solutions for Green, Resilient, and Inclusive Development (GRID).

Priorities

Multi-Sectoral Strategies for GRID:

Green, Resilient, and Inclusive Development

Stronger Lending Support and Co- Financing

Collaboration with Green Climate Fund (GCF), Korea’s Green ODA, and Green & Digital EDCF

Hybrid Operations and Knowledge Exchange

Virtual/F2F Events: Korea Green Innovation Days (KGID) for the audience in Korea and 7 Regions

Partnerships and Business Opportunities

Cooperation with the World Bank grant teams and K-Partners

Strategies

Apply Green Growth approaches

Support developing countries to rebuild their economies in the Post-COVID era

Strengthen the capacity of future pandemic preparedness

Demonstrate a direct linkage of Korea’s Green New Deal and Digital New Deal with post-COVID responses

From the Donor

“Over the past year, we have seen profound changes as the world fought against COVID-19. As the pandemic brought tremendous health and economic hardship to many, the citizens of Korea continued to work together to keep each other safe and healthy. Amid such difficulties, the Korean government adopted 277 trillion won of fiscal support measures and strengthened preparations for a post-COVID era.”

Ministry of Economy and Finance (MOEF), Republic of Korea

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From the WBG Management

“It is a great honor for the World Bank Group to strengthen its partnership with the Republic of Korea, and on behalf of the World Bank, I would like to extend my sincere gratitude to the Ministry of Economy and Finance (MOEF) for its recent commitment of $50 million to replenish the Korea Green Growth Trust Fund (KGGTF) through to 2024.”

— Richard Damania, Chief Economist, Sustainable Development Practice Group, The World Bank

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Team Profile

Richard Damania

Richard Damania

Chief Economist, Sustainable Development Practice Group

Richard Damania is the Chief Economist of the Sustainable Development Practice Group, effective March 1, 2020. He specializes in environment, water and the economy and has helped the World Bank become an acknowledged thought-leader on matters relating to sustainable development and policy advisory.

Hyoung Gun Wang

Hyoung Gun Wang

Program Manager of KGGTF and Senior Economist

Hyoung Gun Wang is the Program Manager and Task Team Leader in managing lending operations and co-financing. He monitors and evaluates grant activities, promotes green growth experience and lessons learned in 7 key sectors, and supports partnerships between the Republic of Korea and the World Bank.  

Kwangchul Ji

Kwangchul Ji

Senior Economist

Kwangchul Ji joined KGGTF in February 2022. Prior to his appointment, he served as Directors for Development Finance, Trade Policy, and Green Climate Policy at the Ministry of Economy and Finance of the Republic of Korea and covered issues of international development finance and Multilateral Development Banks.

John Hosung Lee

John Hosung Lee

Operations Officer

John Hosung Lee manages the Trust Fund portfolio and specializes in the urban and transport sectors. His particular interest is non-traditional, innovative organizational and governance structures, and how they lead to the support and implementation of green growth strategies.

Kitty Halpern

Kitty Halpern

Consultant

Kitty Halpern is a Strategic Initiatives Consultant. She communicates best-practices and disseminates key learnings across different client countries and industry groups within the World Bank and with stakeholder groups globally.

Faye Gardiner

Faye Gardiner

Consultant

Faye Gardiner is a Strategy Consultant. Uniquely adept at developing and implementing strategies for reaching and engaging customers and stakeholder groups, she focuses on strategic initiatives including monitoring and evaluation of the trust fund’s performance and impact.

Shenghui Feng

Shenghui Feng

Consultant

Shenghui Feng is an Operations Consultant. She supports the portfolio and budget monitoring and conducts data analysis and evaluation on KGGTF operations and activities.

Yoon Ju Heo

Yoon Ju Heo

Consultant

Yoon Ju Heo is a Senior Operations Consultant based in Korea. She assists in managing the Trust Fund’s Korea operations. She is responsible for managing technical engagements with Korean counterparts and overseeing physical and virtual knowledge exchanges with Korea.

Jie-Ae Sohn

Jie-Ae Sohn

Consultant

Jie-Ae Sohn is a Senior Communications and Media Consultant based in Korea. She helps the world and others at the World Bank better understand what the Fund does through its activities around the globe.

Minkyung Kim

Minkyung Kim

Consultant

Minkyung Kim is an Operations Consultant. She supports new and ongoing partnerships between K-Partners and the World Bank and missions for KGGTF funded programs and conducts activity evaluations and knowledge sharing programs.

Joo Eun Seo

Joo Eun Seo

Consultant

Joo Eun Seo is a Communications and Knowledge Sharing Consultant. She supports the development of knowledge products and knowledge exchange programs and the dissemination of grant success stories, green growth best practices and project impacts throughout WB partners and client countries.

Anh Bui

Anh Bui

Consultant

Anh Bui is an Operations Consultant. She supports KGGTF with portfolio management and trust fund administration, partnership engagement as well as monitoring and evaluation activities.

Hee Jae Lee

Hee Jae Lee

Intern

Hee Jae Lee is a Communications Intern. She supports knowledge product generation, multimedia project development, and portfolio management. She also supports outreach strategies to share KGGTF impact to broader public.

Se Ra Yun

Se Ra Yun

Intern

Se Ra Yun is an Operations Intern. She supports the KGGTF’s flagship knowledge-sharing and capacity-building programs, missions for KGGTF-funded grants, and partnership engagement in the sector of green growth infrastructure.