강윤승
| 2023-05-03 10:53:45
ADB-K-Hub
S. Korea, ADB to launch 'K-Hub' to tackle climate change
By Kang Yoon-seung
INCHEON, May 3 (Yonhap) -- South Korea's finance ministry said Wednesday it has clinched an agreement with the Asia Development Bank (ADB) to launch a new organization dedicated to sharing climate-related expertise in the region.
Finance Minister Choo Kyung-ho and ADB President Masatsugu Asakawa signed the memorandum of understanding during the 56th Annual Meeting of the Board of Governors of the ADB, which kicked off in Incheon, west of Seoul, earlier this week, according to the Ministry of Economy and Finance.
Under the plan, South Korea and the Manila-based bank will open the ADB-Korea Climate Technology Hub, also referred to as "K-Hub," in Seoul next year.
The K-Hub plans to operate as the hub to connect Asian countries as well as other regions to carry out projects aimed at tackling climate change. It will plan and implement related projects of the ADB.
"As a climate think tank, (the hub) will help the ADB build its capabilities in the climate sector. By sharing climate-related policies and knowledge, it will play a leading role in the discussion of climate issues in the Asia-Pacific as well as the world," the ministry said in a statement.
The South Korean government and the ADB will share the costs for the establishment of the hub. Detailed terms, including the size of the budget and the workforce, are still under discussion, a ministry official said.
"South Korea can also potentially apply its carbon-reduction, eco-friendly automobile, and renewable energy technologies on (climate-related) projects in the developing nations," the official added.
South Korea was tapped as the host of the new organization as it can also work together with other environment-related global bodies here, including the Green Climate Fund, the ministry said.
The ADB has been recently making efforts to expand its climate-related projects, vowing to spend around US$100 billion over the 2019-2030 period, with a goal to transform itself as a "climate bank."
During the meeting, South Korea also vowed to chip in an additional US$100 million to the e-Asia Knowledge Partnership Fun through 2026. The fund was established by Asia's No. 4 economy under partnership with the ADB in 2006.
South Korea will expand contributions to other multilateral funds as well, such as the Asia Pacific Project Preparation Facility and the ADB Ventures, and provide an additional $5 million and $3 million, respectively, the ministry said.
South Korea will also contribute $1 million to the ADB Frontier Facility, it added.
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