Mobilizing New Climate Finance: Global Perspectives and Korea’s Approach

The article conducted an analysis of global climate finance discussions and mobilization efforts, cases of climate finance-related strategies and policies by major countries, and strategies for promoting the use of private climate finance, and based on this, the following Korea's policy recommendations were presented.

First, policymaking must consider the entire lifecycle of climate finance, from mobilization to utilization and tracking. Second, measures should be implemented to build a comprehensive climate finance statistics system to generate and manage statistical data. Third, it is crucial to identify the obstacles that hinder developing countries from effectively employing climate finance. Fourth, it is also necessary to promote private sector financing through various financial mechanisms and to improve the financial support system. Finally, it is crucial to enhance domestic support for disadvantaged sectors and vulnerable groups impacted by the transition to carbon neutrality, and to allocate additional resources to facilitate the shift to a low-carbon economy.