AP News

SKorea picked to host $100B global climate fund

SEOUL, South Korea (AP) — South Korea says it has been chosen to host a new U.N. climate fund that aims to channel $100 billion a year in aid to developing nations.

Seoul's Finance Ministry says the decision was made Saturday in a vote by the fund's 24-member board in Songdo, South Korea.

The Green Climate Fund is envisioned as the world's biggest financier for helping developing nations adapt to climate change and move toward low-carbon economic growth. It would draw and distribute $100 billion that rich nations have pledged annually by 2020.

Six nations — South Korea, Germany, Mexico, Namibia, Poland and Switzerland — vied to host the fund. Officials say the decision to pick South Korea is expected to be endorsed at the U.N. Climate Conference in Qatar later this year.

Toyota's Hydrogen Man
blog comments powered by Disqus