Oct. 20 (Bloomberg) -- The board of the United Nations’ Green Climate Fund, set up to channel $100 billion in aid annually to developing nations by 2020, proposed South Korea as the site of its planned headquarters.
The selection of Songdo, Incheon City, will be presented for approval at the UN climate summit scheduled to start on Nov. 26 in Doha, Qatar, the board said today in a statement.
The GCF was established in December at the last round of UN climate-treaty talks in Durban, South Africa, to distribute some of the aid pledged by developed nations to poorer countries during previous sessions. Projects to be financed include reducing greenhouse gases from energy production and adapting countries to the effects of global warming such as rising sea levels.
The other nations offering to host the GCF headquarters were Germany, Mexico, Namibia, Poland and Switzerland.
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