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Hon. Joy Grant represents Belize in Seoul on Climate Change Print E-mail
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Thursday, 18 October 2012 00:00

Senator Hon. Joy GrantOctober 16, 2012 - Seoul Korea

Senator, the Hon. 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 Development." Attendees to the forum included high-level government officials, civil society and private sector stakeholders from both developed and developing countries. The President of Korea, Hyun Oh-Seok, and Prime Minister of Korea, Kim Hwang-sik, delivered remarks at the opening ceremonies.

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 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.

Minister Grant will be attending the GCF Board meeting from October 18-20, where she currently serves as the Chair of the Evaluation Committee charged with the selection of the host country for the GCF.

During Minister Grant's visit to Seoul, she engaged in high-level bilateral meetings with Korean officials in the Ministry of Strategy and Finance to foster partnership and cooperation between Belize and South Korea.