Domestic legal foundations were laid regarding Green Climate Fund (GCF) operations in anticipation of the implementation of the GCF Support Act on July 30. The GCF Support Act specifies the GCF’s legal capacities, and will help the GCF operate more smoothly by providing regulations regarding aid, cooperation with the Fund, and national support.
The GCF Headquarters Agreement, which regulates GCF and GCF employee privileges and exemptions, was ratified by the National Assembly on June 25 and is expected to be formally announced sometime in August. When the enactment of the GCF Support Law and the GCF Headquarters Agreement takes effect, legal preparations for moving the GCF Secretariat to Songdo, in Incheon, will be completed.
The government will work closely with the GCF Secretariat and GCF Board to ensure that the GCF Secretariat is successfully established in Songdo by the end of the year. Deputy Prime Minister Hyun Oh-Seok sent a letter on July 29 to the GCF Board notifying them of the current status of the Korean government’s preparations regarding the enactment of the GCF Support Act, and requested that the Board accelerate discussions for establishing the GCF Secretariat in Songdo and beginning operations.