Financing climate action across borders: an interview with Kim Se-jung

International cooperation is essential to ensuring that developing countries have the resources needed to adapt and build resilience against the growing threats of climate change. Beyond providing financial support, effective climate finance requires strong governance and collaboration among governments and international organizations. In this interview, Kim Se-jung at the Green Climate Fund discussed how the organization manages risk across long-term climate projects, the importance of equitable international partnerships, and the opportunities of expanding private-sector participation.

First, could you tell us about the job you’re currently involved in?

I’m currently working at an international organization called the Green Climate Fund, or GCF. Simply put, the GCF is an international organization that supports developing countries in addressing climate change. So, for example, it provides funding for climate change response projects, such as building solar power plants or constructing infrastructure to prepare for floods, droughts, and other such events.

I work on the Operational Risk and Control Team within the GCF. That might sound like a complicated title, but simply put, it’s a team that works to prevent problems in advance so that the organization can operate smoothly without mistakes. For example, at our school, when we take exams, there’s a proctor who checks attendance and makes sure we sit in our assigned seats—there are rules like that, right? Just like that, every company and international organization absolutely needs rules like these, so our team’s role is to create and monitor those rules.

The GCF seems to provide support to various countries and projects around the world. When selecting recipients for this support, are there any criteria you consider particularly important?

The GCF has established criteria. The countries eligible for support are defined, and the principle is to provide support to developing countries. Furthermore, even among those countries, if a nation is at war or occupied by rebel forces, there’s no guarantee that the funds we send will actually reach the people affected by the conflict. It could be intercepted along the way, or the rebels could use it to fund their own war efforts. So, even among developing countries, we try to avoid implementing projects in nations that are at war or in a state of chaos. However, as a general rule, we provide support to developing countries that are suffering from the effects of climate change.

As you mentioned, do you consider countries experiencing war to be the biggest risk? Or are there other risks besides war?

Aside from war, we also place great importance on gender balance. Furthermore, one of the most critical considerations when implementing a project is that we must not displace the indigenous people living in the area just because we’re carrying out the project. That’s why we manage those risks very carefully as well. So, when we carry out a project, we manage it to ensure that the gender ratio of participants is balanced. We also monitor the situation closely to ensure that indigenous people are not harmed by our project.

Are the projects you’re referring to typically long-term?

Almost all GCF projects are long-term. This is because we’re dealing with the environment, and environmental issues aren’t something that can be resolved in just a day or two. Our projects range from overhauling an entire country’s electrical system to building an entire highway network, so they’re extremely long-term. As a result, they generally last from five to ten years.

Why do you think cooperation between developed and developing countries is important in addressing the climate crisis?

First of all, the assistance of developed countries is essential for us—and for developing countries—to have the capacity to respond to the climate crisis. To put it simply, developed countries need to provide funding so that we can use that money to help developing countries. That’s why, in the case of the GCF, for example, while there are 24 countries on the Board, 12 must be developing countries and 12 must be developed countries. I believe that only when this balance is maintained—so that the board isn’t skewed toward either side, and we don’t favor only the opinions of developing countries or only those of developed countries—and the two sides cooperate effectively to move projects forward, can we truly take meaningful steps to protect the environment.

You mentioned earlier that things are heavily influenced by local policies. When collaborating with developing countries in this way, what efforts are you making to understand the local situation?

Well, first of all, we have a dedicated cooperation team. It’s called the Outreach Team, and we visit countries on a very regular basis or host officials from those countries—in short, we’re working to strengthen our partnerships. So, we continue to follow up in that way, and then at the annual COP, where all countries gather to share their current situations and discuss what’s needed, we continue to strengthen our partnerships through ongoing dialogue.

Do you collaborate not only with the governments of developing countries but also with other international organizations, private companies, or development banks?

Yes, for example, we don’t give money directly to Uganda; we always channel funds through other international organizations. So, if the GCF gives money to the UN Development Program, that organization then works with Uganda—because we’re a fund; these days, organizations that provide funding are called “funds.”

We don’t go to the country directly to carry out projects; our role is to provide the funding to make those projects possible. So, the actual on-the-ground work in that country is always carried out by other UN agencies—such as the UN Development Programme or the UN Environment Programme. Therefore, we work with different international organizations and development banks on all our projects.

Looking ahead, are there any specific types of projects or directions that you’d like to see this fund invest in more heavily, or that you consider a priority?

Rather than focusing on the types of projects we do, as I mentioned earlier, we’re a funding organization. We receive this money from countries—from the United States, the United Kingdom, Japan, Germany, and others. When these countries make their contributions, we use that money for investments. However, as you so aptly pointed out earlier, not all countries prioritize the environment. The United States is no exception, and the United Kingdom and Germany have also announced cuts. So we’re currently looking for a new breakthrough.

In short, we feel that relying solely on money from these countries could lead to difficulties in managing the fund going forward. So what we’re currently working on is shifting away from relying solely on the public sector—like governments—and instead seeking funding from the private sector as well. You know, private companies—which could include the large corporations we commonly refer to—we’re aiming to secure investments from them so that we can expand our funding pool to include more people. By raising more funds, we can invest in better projects and support a greater number of them. With this mindset, the GCF is currently aiming to expand its funding base to include the private sector.