World Bulletin/News Desk
A new U.N. fund meant to manage billions of dollars to help developing nations combat climate change will be based in South Korea, leaders of the fund agreed on Saturday.
The Green Climate Fund is to be sited in Songdo, Incheon City, South Korea, the board of the fund said. Germany, Mexico, Namibia, Poland and Switzerland had also sought to be the headquarters.
Developed nations agreed in 2009 to raise climate aid, now about $10 billion a year, to an annual $100 billion from 2020 to help developing countries curb greenhouse gas emissions and cope with floods, droughts, heatwaves and rising sea levels.
So far, there has been no discussion by the fund about how to raise $100 billion, from public and private sources. The fund is now empty and the economies of many developed nations are struggling.
The decision will be put to environment ministers for approval at a meeting in Doha, Qatar, from Nov. 26-Dec. 7.
International charity Oxfam welcomed the decision to site the fund in South Korea and urged action to fill it.
"South Korea must work to get all developed countries to make immediate pledges to the Green Climate Fund at Doha," Oxfam climate change program manager David Waskow said.
"The millions of poor people who need help coping with extreme weather events and destroyed harvests cannot afford for another U.N. Climate Conference later this year to close with the question of funding for adaptation still unresolved," he said.
South Korea has been favoured partly as a bridge between rich and poor nations, diplomatic sources said.
Its strong economic growth meant it joined the OECD, the club of rich nations, in 1996. Under definitions laid down by the 1992 U.N. climate convention, however, it is still among developing nations.
The US Treasury Department slapped punitive measures on a clutch of Chinese and Russian individuals and companies Tuesday, accusing them of supporting North Korea's nuclear programme and attempting to evade US sanctions.
The weather observatory raised the storm warning to the city's maximum Typhoon 10 signal for the first time in five years as Hato approached.
Retired master sergeant, a Muslim convert, had been kidnapped during attack
Serebrennikov, 47, is the artistic director of Moscow's Gogol Centre theatre and has staged productions at the legendary Bolshoi Theatre. His films have been shown at the Cannes and Venice film festivals.
Authorities in Bangladesh, India and Nepal have put the death toll at more than 750 since August 10, when a series of deluges began spreading with the annual monsoon season.
Pakistani observers complain US president's strategy on Afghanistan completely overlooks their concerns
The government failed to get the two-thirds majority to pass the bill that has been the centre of contentious political debate and party horsetrading for nearly two years.
South Korea and US kick off annual exercise with 70,000 troops
Lt. Col. Shrikant Purohit is suspected of being directly involved in 2008 bombings targeting a Muslim-majority town
Military says 3 women among dead in attack by Abu Sayyaf group on village in predominantly Muslim province of Basilan
The centre-left Labour Party has enjoyed a huge boost in support ahead of the September 23 election after gambling on a charismatic new leader in 37-year-old Jacinda Ardern.
James Joseph Dresnok was among just a handful of American servicemen to desert following the Korean War, crossing the heavily fortified Demilitarized Zone in 1962.
Visit follows fresh US allegations that Islamabad is not 'doing enough' against Haqqani network
At least 100 deaths were reported overnight across India and Bangladesh following the latest in a series of deluges since August 10, as the annual monsoon hit the north and east of the region.
UN mission in Afghanistan confirms Taliban, self-proclaimed ISIL militants killed 36 people in Mirza Olang valley