The South Korea-based UN climate fund endorsed eight initial projects worth $168 million to help developing countries deal with climate change, Seoul’s finance ministry said Sunday. At the 11th meeting of the Board of Directors in Livingston, Zambia the Green Climate Fund (GCF) approved the landmark public works. Africa figured highly into to these public works projects.
The projects are the first full-scale programs to be carried out by the GCF and are estimated to cost over $1.3 billion in investment over the next five years.
A power supply model, suggested by South Korea, using renewable energy and an energy storage system in Peru, will also be picked by the GCF board, according to the Ministry.
The GCF received 37 project plans worth $4.4 billion by September, and they will be discussed at an upcoming board meeting in Songdo, where its secretariat is headquartered, in March next year.
Launched in late 2010, the GCF aims to channel money from industrialized nations to developing countries to help them tackle climate change-related problems.
It has raised $10.2 billion in funds since its launch.