WINDHOEK: Namibia has lost out on the chance to host the United Nations (UN)’s Green Climate Fund, after South Korea was selected as the fund’s headquarters.
South Korea is reportedly viewed by many as a bridge between developing and developed nations, according to a media statement issued on Monday by the United Nations Framework Convention on Climate Change (UNFCCC).
The new UN Green Climate Fund, established to manage billions of dollars to assist developing countries in dealing with climate change, is to be situated in Songdo, Incheon City in South Korea, the fund’s Board announced on Saturday.
Namibia, Mexico, Poland and Switzerland had all been vying to host the fund along with Germany and South Korea.
The long-term goal of the fund is to “transform the livelihood of people by responding to the impacts of climate change”.
So far, there have however been no discussions on how to raise the US.dollars 100 billion (about N.dollars 800 billion) needed to reach its goals from public and private sources.
The decision will be put to environment ministers for approval at a meeting slated in Doha, Qatar as from 26 November to 07 December 2012.
Strong economic growth in South Korea meant it joined the Organisation for Economic Co-Operation and Development (OECD) in 1996.
However, under definitions formulated at the UN climate convention in 1992, it is still considered a developing nation.