The Republic of Korea has signed a partnership agreement to join the Asian Development Bank's (ADB) Future Carbon Fund with a $20 million commitment to acquire post-2012 carbon credits.
Making the announcement, Xianbin Yao, Director General of ADB's Regional Sustainable Development Department, said, "On the eve of the Copenhagen talks, the Republic of Korea's commitment to acquire carbon credits sends a clear signal to the international community that there will be a strong post-2012 framework to achieve a low-carbon economy."
Echoing similar sentiments, Dr. Tae Yong Yoon, Deputy Director General with the Ministry of Strategy and Finance of the Republic of Korea, said the country's participation in the fund is consistent with the government’s vision of "Low Carbon, Green Growth."
Future Carbon Fund was established tol use carbon credits generated beyond 2012 to provide needed financing for clean energy projects in the Asia-Pacific region.
The overall target size of the Future Carbon Fund is $100 million, although over $120 million is expected in total commitments by the final closing date of 31 March 2010.
Related LinkPress release
