Export-Import Bank Hosts 'EDCF Climate Mainstreaming Seminar'

EDCF to Consider Climate Change Impact in All Projects Starting Next Year

On the 14th, the Export-Import Bank of Korea (KEXIM) held the ‘Economic Development Cooperation Fund (EDCF) Climate Mainstreaming Seminar’ at its headquarters in Yeouido, Seoul, the bank announced on the 15th. About 150 executives and employees from 60 companies interested in greenhouse gas reduction and climate change adaptation in the official development assistance (ODA) sector, including companies related to EDCF project feasibility studies, attended the event.

Hwang Gi-yeon, Standing Director of the Export-Import Bank, is delivering a welcome speech at the 'EDCF Climate Mainstreaming Seminar' held at the bank's headquarters in Yeouido on the 14th. Photo by Korea Export-Import Bank

Climate mainstreaming refers to considering climate change from the early decision-making stages of development cooperation projects, that is, from the conceptualization through all phases of projects and programs, treating climate change and development on an equal footing.

At the seminar, explanations were given on the EDCF climate change response application procedures and precautions in preparation for the full introduction of the EDCF climate change impact response system next year, along with gathering diverse opinions from EDCF project participants and expert lectures. The climate change impact response system is an internal framework that ensures climate change response elements are considered and reflected throughout all stages of EDCF projects. Since 2021, KEXIM has been establishing this system, conducting pilot applications, and has decided to consider greenhouse gas reduction and climate change adaptation matters in the feasibility studies of all EDCF projects starting next year.

Additionally, the seminar featured expert lectures helpful for expanding EDCF climate mainstreaming, including the importance of considering climate change adaptation in ODA project implementation and the Asian Development Bank (ADB) climate change application procedures and cases. Hwang Gi-yeon, KEXIM’s Standing Director, said, “With this year’s significant increase in the ODA budget, public interest in EDCF project outcomes is rising,” adding, “KEXIM will actively support developing countries’ carbon neutrality and climate change response, enhancing the sustainability and development effectiveness of EDCF projects.”

Choi Ji-young, Director of the Development Strategy Division at the Ministry of Strategy and Finance, delivered a congratulatory speech, stating, “Along with the quantitative expansion of concessional aid through EDCF, qualitative advancement for climate change response has been steadily pursued through various pilot projects,” and added, “We hope you will further dedicate yourselves to supporting developing countries’ climate change response and discovering projects through close communication with beneficiary countries and sufficient collaboration with climate experts and feasibility study companies.”