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| Korea's Finance Minister Choo Kyung-ho, left, poses with Masatsugu Asakawa, president of the Asian Development Bank (ADB), after signing an agreement to establish a climate technology hub in Korea next year, at Songdo Convensia, Incheon, Wednesday. Courtesy of Ministry of Economy and Finance |
By Lee Min-hyung
The Korean government and the Asian Development Bank (ADB) have agreed to establish a climate technology hub in Seoul. The facility will serve as a climate think tank for both sides to drive major climate agenda items internationally.
Korea and the ADB will invite personnel for the ADB-Korea Climate Technology Hub (K-Hub) scheduled to open sometime in 2024. The ADB is now rapidly expanding its foothold in climate businesses with a plan to allocate a total of $100 billion for the relevant sectors between 2019 and 2030.
The bank considered the potential of partnering with Korea, as major international climate organizations ― Global Green Growth Institute and Green Climate Fund ― are based in the country. The agreement was made on the sidelines of the ADB annual meeting that will run until Friday in Incheon, west of Seoul.
The K-Hub will play a pivotal role in sharing climate-related policies and knowledge around the globe. Korea's Ministry of Economy and Finance spoke highly of the partnership, saying that the K-Hub will enable the country to become a more responsible member of the global community and elevate partnerships with the ADB.
Against this backdrop, the ministry also agreed to donate $100 million to the e-Asia Joint Research Program and the Knowledge Partnership Fund. The government also pledged to widen its participation in ADB's multilateral funds.
They include the Asia Pacific Project Preparation Facility (AP3F), ADB Ventures and ADB Frontier Facility. AP3F was set up in 2016, with a view to supporting public-private partnerships of governments and public organizations in Asia Pacific. A number of countries ― including Japan, Canada and Australia ― participate in the multilateral fund. Korea also decided to donate $5 million to the fund.
ADB Ventures is an investment organization established in 2020. It is dedicated to supporting startups doing business for sustainable growth, in such areas as eco-friendly technologies, fintech, agriculture and healthcare. The Korean government decided to donate $3 million to the organization during this year's ADB annual meeting.
ADB Frontier Facility, which was launched during the meeting, is a multilateral fund to support the poorest countries in Asia. Countries such as Cambodia, Laos and the United States have expressed their willingness to join the organization. Korea also donated $1 million.
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