"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.”
The green growth framework has always been at the center of Korean growth strategies. With this framework, we plan to transform Korea into a country that achieves a balance between growth, people and nature. Creating a green and low carbon economy as a responsible member of the international community remains our top priority. As such, Korea has been actively participating in the international efforts for climate adaptation and mitigation, and will continue to be closely engaged in global dialogue on climate change issues.
The establishment of the Korea Green Growth Trust Fund (KGGTF) at the World Bank in 2011 was one of
the most important commitments and milestones by the Korean government to actively share with the World Bank and its member countries our knowledge and experience accumulated to date on our pathway towards green growth. KGGTF is a key vehicle through which to help countries to operationalize green growth solutions, navigate investments and work towards building back better from the impacts of COVID-19.
As part of Korea’s commitment to increasing international cooperation and global action, this year we were pleased to strengthen our partnership with the World Bank through the pledge of an additional $50 million to fund KGGTF operations through 2024. Therefore, as we look to the next phase and building on the successful results to date, MOEF invites the trust fund to take an even larger leadership role in Korea’s plans to increase green ODA and to become a greater integral part of Korea’s commitment to international development. We look forward to continuing to build on the success and achievements of the Trust Fund to date and to working together to support the global effort to build back better and greener.
Development Finance Division
Ministry of Economy and Finance (MOEF), Republic of Korea