Shin & Kim advised the hosting of the Green Climate Fund’s Secretariat in Songdo

The Green Climate Fund (the “GCF”) is an international organization established to finance developing countries’ efforts to reduce the emission of greenhouse gases and prepare for the climate change.  Member states of the United Nations Framework Convention for Climate Change (the “UNFCCC”) have pledged to make collective capital contribution of up to USD 700 billion to the GCF in order to effectively counter the global climate change.  If this funding goal is achieved, the GCF will become one of the largest international financial organizations in the world, along with the International Monetary Fund and the World Bank.
Korea acquired its host country status when the decision of the GCF’s 2nd Board Meeting, which selected Songdo as the host city of the GCF’s Secretariat, was formally endorsed by the 18th Conference of Parties of the UNFCCC at Doha, Qatar.
Shin & Kim successfully assisted the Korean Government’s hosting of the GCF’s Secretariat by providing advices on various matters of international law, participating in several international conferences, advising the negotiation, drafting and conclusion of the Headquarters Agreement, and by providing advices on relevant legislative issues.
The GCF is the first major international organization hosted by Korea, and will likely become one of the most prestigious international organizations ever hosted in Asia in the near future.  Shin & Kim, by successfully assisting the Government’s hosting of the GCF’s Secretariat in Songdo, has set a valuable precedent for Korea’s future hosting of other major international organizations.