At UNFCCC COP 16, a decision was taken by member countries to establish a Green Climate Fund (GCF) as an operating entity of the financial mechanism of the Convention. The GCF will support projects, programmes, policies and other activities in developing countries to fight climate change. The plans for establishing the GCF were drawn up in November 2010, and plans to direct $100 billion per year into the fund until 2020 were approved in the same month last year.
While a number of countries are bidding to host the GCF’s secretariat, from the Republic of Korea side, Incheon Metropolitan City has been selected. The location of the GCF’s headquarters is likely to be decided by the climate change conference in Qatar at the end of the year.