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Forum on the Future of the Green Climate Fund (GCF)

Senator, the Honourable Audrey Joy Grant travelled to Seoul, South Korea to attend the Forum on the Future of the Green Climate Fund (GCF). Minister Grant was invited by the Korean government and the Korea Development Institute to chair a session entitled”How could the Green Climate Fund support the developing world to shift towards green and climate-resilient economic developments.”

 

The Forum on the Future of the Green Climate Fund was a platform to discuss the various strategies that the Green Climate Fund, a proposed USD $100 Billion facility, should employ to make the GCF more effective, efficient and transformational. Minister Grant, in her opening remarks, highlighted the many challenges currently impeding access to global climate change finance. These challenges include insufficient adaptation of allocation, inadequate institutional capacity of developing countries to access finance, lengthy project cycles and slow disbursement rate, and inequity in regional allocation of climate change finance.

Minister Grant cautioned that there cannot be a ‘one size fit all approach’ because countries have unique financial needs. The GCF cannot rely on the same financial strategies that have failed developing countries in the past.

 

Senator Audrey Joy Grant in Seoul.

Minister Joy Grant in Seoul, South Korea.

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