Article 1(Purpose) #
The purpose of this Act is to contribute to efficiently operating the Green Climate Fund and promoting cooperation with the international community, by supporting the operation of the Green Climate Fund which functions to operate the financial support system of the United Nations Framework Convention on Climate Change.
Article 2(Legal capacity) #
(1) The Green Climate Fund (hereinafter referred to as the "Fund") may conduct the following activities pursuant to the purposes of establishing and operating the Fund:
1. Concluding a contract or becoming a party to a contract;
2. Acquiring or disposing of movable, immovable or other property;
3. Instituting a lawsuit or becoming a party to a lawsuit;
4. Issuing a financial product or transacting a financial product on a financial market.
(2) The Fund shall comply with the relevant statutes of the Republic of Korea in conducting any activity referred to in paragraph (1).
Article 3(Contribution to the fund) #
The Government shall obtain a prior resolution of the National Assembly when intending to contribute to (including investing in; hereinafter the same shall apply) the Fund.
Article 4(Methods of contribution) #
(1) When contributing to the Fund, the Government may make contributions in lump sum or in installments in U.S. dollars or other freely convertible currency, gold, or in domestic currency.
(2) When making contributions in domestic currency pursuant to paragraph (1), the Government may pay the contribute money wholly or partially in securities denominated in domestic currency upon obtaining approval from the President, following deliberation by the State Council.
Article 5(Cooperation with fund) #
(1) The Minister of Finance and Economy shall superintend cooperation with the Fund. <Amended on Oct. 1, 2025>
(2) The Minister of Finance and Economy may formulate and implement comprehensive polices for strengthening cooperation with the Fund and supporting the activities of the Fund, in consultation with the heads of the relevant central administrative agencies. <Amended on Oct. 1, 2025>
(3) The Minister of Finance and Economy shall notify the policies formulated in accordance with paragraph (2) to the heads of the relevant central administrative agencies, and the heads of the relevant administrative agencies so notified shall take measures necessary for implementing such policies. <Amended on Oct. 1, 2025>
(4) If necessary for formulating polices referred to in paragraph (2), the Minister of Finance and Economy may request assistance from the head of the local governments having jurisdiction over the seat of the Fund. <Amended on Oct. 1, 2025>
Article 6(Support of the State and local governments) #
The State and local governments may provide administrative and financial support necessary for operating the Fund.