Where Policy Meets Finance: Visiting the Green Climate
Fund
As part of our university’s program on Europe
Trade Practice (visiting European and international companies and institutions
in Songdo), we made an excursion to the Green Climate Fund (GCF) headquarters
in Songdo. Before the visit, we thought of the GCF as just another financial
institution—but what we saw and heard shifted that perspective entirely.
Established by the United Nations in 2010, the GCF is
the world’s largest climate finance mechanism, committed to supporting
developing countries in building low-emission and climate-resilient futures.
More than just a funding body, the GCF operates at the intersection of global
policy and local impact—where policy meets finance in the most literal sense.
What stood out was the structure the GCF
has built to ensure its actions are meaningful and accountable. It doesn’t simply
send money and hope for results. Through its three independent units—IEU
(evaluation), IRM (grievance redress), and IIU (integrity)—the Fund evaluates
outcomes, protects affected communities, and maintains ethical standards.
|
Unit
|
Role
|
|
IEU (Independent Evaluation Unit)
|
Evaluates whether projects actually make a
difference on the ground
|
|
IRM (Independent Redress Mechanism)
|
Listens to and addresses complaints from those
affected
|
|
IIU (Independent Integrity Unit)
|
Guards against corruption, fraud, and ethical
violations
|
One message that stayed with us was,
“Evaluators are not researchers.” It reflects GCF’s core principle: theory is
not enough—what matters is whether lives on the ground are actually changing.
The IIU team also reminded us that corruption is not merely a governance
issue—it delays climate action, squanders resources, and erodes trust. And with
the IRM, we were impressed by how even vulnerable communities can file
complaints anonymously and still be heard.
The visit gave us a clearer view of how
climate finance works—not just in numbers, but in systems, ethics, and people. The
GCF isn’t perfect, but it’s building a model that’s transparent, inclusive, and
fiercely practical. In a world where climate promises are easy to make, GCF’s
work is a reminder of how hard—but necessary—it is to turn them into action.
Yoon
Geon, Im Hyungjun, Choi Kanghee--------------------------------------------------------------------------------------------------------------------------
On April 30th, we
visited GCF in Songdo. GCF stands for the Green Climate Fund, and it is the
largest global fund against climate change. The presenters told us we were the
largest group -we were 35 students- that they ever had. Seeing that there's a
room that can accommodate so many people, we know that GCF is a really large
fund.
Starting with the
background of the establishment of the GCF, we have heard explanations for each
of the major independent units and internal works.
The Green Climate
Fund was established by the United Nations Framework Convention on Climate
Change (UNFCCC). UN wanted to promote more climate change actions and needed a
fund for the smooth operation. So they decided to make GCF and now, it takes an
active part in the international field.
It provides economic
support when developing countries conduct eco-friendly programs. For example,
when there is a project to install solar panels, they support the installation
cost of the panels and think about whether the installation cost is properly
spent, whether anyone has been damaged by the program, and how to compensate if
anyone has been damaged. The fund collaborates with banks, state agencies, and
civil groups like KOICA and KDB.
In the first half, we
were informed about the independent departments IEU, IRM, and IIU.
IEU (Independent
Evaluation Unit) is a unit that evaluates GCF activities, and its mission is to
evaluate and report on the outcomes of projects and programs and how they are
efficient.
IRM (Independent
Redress Mechanism) addresses complaints about the project or program they did
and reconsiders the funding proposals.
IIU (Independent
Integrity Unit) works to prevent prohibited practices such as fraud and
corruption from taking place in the process of providing financial aid. They
investigate those cases and write them to the report.
With those
independent organizations, GCF is trying to secure honesty and trust.
On the Q & A
time, one student asked, why GCF decided to build a Secretariat in South Korea.
The Presenter said the meaning of location is that existing this important fund
not only in the West but also in Asia is an important thing.
In the second half of
the session, Marcus Mayr from the Africa Division explained several GCF
projects using cases. The GCF has invested over $160 billion USD in
climate-related projects, often in partnership with other development
institutions such as the World Bank and the Asian Development Bank. As such,
GCF focuses on developing a wide range of projects. He specifically introduced
a project in Kigali, the capital of Rwanda, where GCF supported renewable
housing with solar panels and waste management services in the city's
impoverished outskirts, rather than its central area. This initiative has
become a new green development model that can be applied to other cities. In
addition, we learned how the GCF supports the use of electric buses in
developing countries by helping cover the cost and providing services.
Lastly, he shared
insights on risk management and explained the GCF internship program. He
emphasized that their mission is to provide financing for the most vulnerable
and critical climate issues, and that funding proposals are carefully reviewed
due to the responsibilities of the Climate Fund. The internship program is usually
offered in December, allowing interns to work for six months up to a year
across various departments, typically with two or three interns per team. Those
interested in the program can find additional information through the official
website. We concluded the visit by taking a group photo on the 17th floor.
Visiting a global organization in Songdo and learning directly from
professionals made this a truly meaningful and informative experience.
Wonhee Lee & SeEun Oh
