The South Korean government is expanding technical, financial, and policy cooperation with the Asian Development Bank (ADB) to support climate responses in developing countries.
On November 10, the Ministry of Economy and Finance announced the opening of the 'ADB Climate Technology Hub (K-Hub) Partnership Conference' in Seoul, attended by Moon Ji-sung, the ministry's International Economic Affairs Director, and ADB Vice President Yoo Hye-kyung.
K-Hub serves as a collaborative platform that connects South Korea's climate technology and policy experiences with the development needs of ADB member countries. The two parties signed a memorandum of understanding (MOU) in May 2023 to promote climate technology cooperation.
Currently, K-Hub has compiled information on over 1,200 climate technology companies, including around 400 South Korean firms. It has also accumulated 57 climate technology and knowledge solutions, expanding its collaborative foundation. This initiative aims to identify specific development needs in developing countries and link relevant technologies to ADB development projects.
In his opening remarks, Director Moon emphasized that K-Hub acts as a bridge connecting the development needs of developing countries with domestic and international climate technologies. He stressed the importance of not only advanced technologies but also the innovation of policies, systems, and market foundations to spread climate technology cooperation.
He particularly highlighted examples of climate responses utilizing South Korea's digital and artificial intelligence (AI) technologies, sharing experiences with smart grids, digital twins, and AI-based early warning systems.
The conference also introduced the Global High-Integrity Carbon Market (GVCM) and the Green Transition (K-GX) policy. GVCM aims to establish an international carbon market cooperation system starting in 2027, supporting companies' overseas greenhouse gas reduction projects in collaboration with the United Nations Framework Convention on Climate Change (UNFCCC) and the Global Green Growth Institute (GGGI). K-GX, announced in October, is South Korea's green transition strategy aimed at promoting eco-friendly transitions across energy and industry to enhance carbon neutrality and green industry competitiveness.
This conference, the second of its kind this year, will run until November 12, focusing on 'Korea's Experience in Energy Security and Transition' and 'Linking Climate Technology and Institutional Innovation.' Over 100 participants, including officials from developing countries and experts in climate, environment, and energy, are attending.
From November 11, presentations and discussions on climate technology and institutional innovation will take place, followed by visits on November 12 to the Korea Electric Power Corporation in Naju and the community-led energy transition site, as well as the Solasido solar power plant in Haenam.
The Ministry of Economy and Finance plans to continue collaborating with ADB K-Hub to provide technology, finance, and policy experiences tailored to the needs of developing countries and to expand business opportunities for domestic and international climate technology companies. The establishment of a K-Hub office in South Korea is also being pursued to strengthen connections between businesses and institutions.
* This article has been translated by AI.
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