SEOUL, July 9 (Yonhap) -- South Korea has decided to contribute US$7 million to a global fund for responding to loss and damage caused by climate change as part of efforts to help underdeveloped nations better counter climate challenges, the finance ministry said Tuesday.
Deputy Finance Minister Choi Ji-young made the announcement during a board meeting of the Fund for Responding to Loss and Damage held in Songdo, west of Seoul, on the day.
The fund was officially launched in 2023 during the United Nations Climate Change Conference of the Parties, commonly known as COP28, which is meant to support vulnerable countries dealing with the effects of climate change.
"We expect that this contribution will serve as a catalyst for encouraging parties to contribute more voluntarily," Choi said.
"South Korea will do our best to share knowledge and skills for climate change responses and green transition with the international community," he added.
So far, 19 nations have pledged $792 million combined, according to the ministry.
Deputy Finance Minister Choi Ji-young speaks during a press briefing in Seoul on June 25, 2024. (Yonhap)
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