South Korea doubles K151 million Aid to Pacific Region
SOUTH Korea will double its official development assistance support for the region to US$40 million (about K151 million) annually by 2027.
Ambassador Kang Ho-jeung said that Papua New Guinea and other Pacific island countries were more exposed to a crisis arising from climate change than any other region in the world.
Kang told a seminar on Redd+ (Reducing Emission and Forest Degradation) and Carbon Credits in PNG yesterday that Korea and PNG which established diplomatic ties in 1976 had “cooperated in a variety of areas”.
“Korea is striving to transform its economic structure into an environmentally friendly one, and PNG, with its abundant resources, are mutually beneficial partners,” he said.
“Addressing climate change takes more than any one country’s effort.
“It requires (the efforts of) all countries.”
Kang mentioned that Korea was committed to meeting its nationally determined contribution by 2050.
Climate Change Development Authority’s mitigation and Redd+ division general manager Gwen Sissiou said the Government was able to document carbon credit units for 2014, 2015, 2018 and 2019, and presented it to the Green Carbon Fund to finance it.
But the Government could not sell the carbon credits unit because international companies were not interested in buying it.
Statement/TheNational/ONEPNG
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