The global community is striving to establish a New Collective Quantified Goal on Climate Finance (NCQG) to support developing countries in addressing climate change. This research examines international efforts to mobilize climate finance and analyzes the scale of contributions from donor nations. It further suggests strategies for Korea to engage in future climate finance mobilization efforts.

Chapter 2 provides an overview of global climate finance discussions and mobilization efforts, while analyzing the key issues surrounding the NCQG. Although most parties agree that the primary purpose of climate finance is to support adaptation and mitigation activities, a universally accepted definition of climate finance remains elusive. Since the adoption of the United Nations Framework Convention on Climate Change (UNFCCC), the international community has been discussing climate finance as an effective vehicle to assist developing countries. Article 9 of the Paris Agreement also includes provisions on climate finance. Reports from the UNFCCC Standing Committee on Finance (SCF), the OECD, and the Climate Policy Initiative (CPI) indicate that global climate finance has primarily focused on mitigation efforts, even as the financial needs of developing countries for both mitigation and adaptation continue to grow. In 2010, developed countries committed to jointly mobilizing $100 billion per year by 2020 to support climate action in developing countries. However, given the significant financial demands outlined in developing countries’ Nationally Determined Contributions (NDCs), recent NCQG discussions have centered on key issues such as the providers of climate finance, the scale of funding, the scope and sources of support, its alignment with the Paris Agreement, and measures to transparency in finance tracking.

Chapter 3 reviews the literature and methodologies related to climate finance tracking and analyzes the scale of climate finance provided by donor countries, based on the OECD’s most recent five-year dataset. Bilateral flows include climate change support via the Rio Marker for climate change, while multilateral flows are estimated based on donor contributions to multilateral organizations and funds allocated for climate change. This analysis also includes private finance mobilized through public interventions by donor countries. Japan, Germany, and France have emerged as major bilateral donors. Since 2020, Korea has significantly increased its bilateral climate finance, providing an average of $1 billion annually, although only 28% and 32% of its support is reported as primarily targeting mitigation and adaptation, respectively. In terms of multilateral aid, the top four donors, including Japan and the United Kingdom, accounted for over half (52.4%) of total contributions. Countries that mobilized significant private climate finance employed various financial instruments to leverage private sector investments. Based on OECD data, Korea’s climate finance is estimated to range between $670 million and $1.16 billion.

Chapter 4 analyzes the climate finance-related strategies and policies of Japan, the United Kingdom, and Sweden, which are major donors of climate finance for developing countries. Japan has been the largest provider of climate finance among OECD DAC member countries in recent years. Japan is using transition finance instruments such as climate transition bonds to increase funding for green transformation (GX). In addition, it has been actively promoting emission reduction projects in developing countries and multilateral climate cooperation, especially with ASEAN. The UK manages climate finance in the form of ODA as International Climate Finance (ICF). Unlike other countries, it has developed a dedicated national strategy for ICF and evaluates its performance of support based on key performance indicators (KPIs). Additionally, the UK collects data on private climate finance and works to enhance developing countries’ access to climate finance. Sweden, while having a climate finance portfolio similar in size to Korea’s, demonstrates a higher level of private sector participation. It has successfully attracted private investment through guarantees and has established statistical systems and governance based on legal ordinances. These countries have commonly increased public climate finance, developed statistical systems, and strengthened efforts to mitigate private investment risks through development finance institutions (DFIs). However, they differ in their methods of aggregating climate finance data (e.g., the use of Rio Marker data and the application of various coefficient ratios by support purposes) and in their specific strategies for mobilizing private investment.

Chapter 5 analyzes the necessity and constraints of private climate finance, the current state and private sector strategies in the area of climate finance creation, and case studies on promoting the use of private resources. Globally, the importance of utilizing private resources has been emphasized due to the substantial gap between the scale of climate resources and investment demand, coupled with the challenges of expanding public resources. Given the nature of climate change projects, which primarily target developing countries, there are various constraints that hinder private sector participation, including general economic conditions, various policies and support measures, and the regulatory environment. Consequently, while the scale of private climate finance has gradually grown, it still lags behind the upward trend in public climate finance. Nevertheless, the private sector is actively working to reduce funding for fossil fuels and expand climate-related financial products by participating in diverse climate finance cooperation initiatives and implementing independent carbon neutrality strategies. Moreover, based on notable implementation cases in the international community, this study identified promising financial mechanisms, including pooled investment funds, green bonds, green securitization, and crowdfunding, to promote the use of private climate finance.

Chapter 6 reviews domestic climate finance policies and presents an approach for Korea to support global climate finance efforts aimed at assisting developing countries. It is essential to establish a foundation that enables Korea to contribute climate finance commensurate with its national capabilities, thereby contributing to global issues and simultaneously promoting domestic greenhouse gas reduction goals and the transition to a low-carbon economy. To achieve this, this study proposes the following policies and measures. First, policymaking must consider the entire lifecycle of climate finance, from mobilization to utilization and tracking. It is necessary to establish a system for Korea to strategically mobilize and utilize climate finance for international support, while closely monitoring and evaluating the support provided. Second, measures should be implemented to build a comprehensive climate finance statistics system to generate and manage statistical data. Third, it is crucial to identify the obstacles that hinder developing countries from effectively employing climate finance. Furthermore, public climate finance should be leveraged to mitigate the diverse risks that the private sector encounters in the early stages of investing. Fourth, it is also necessary to promote private sector financing through various financial mechanisms and to improve the financial support system. Finally, it is crucial to enhance domestic support for disadvantaged sectors and vulnerable groups impacted by the transition to carbon neutrality, and to allocate additional resources to facilitate the shift to a low-carbon economy.

국문요약

제1장 서론
1. 연구의 필요성 및 목적
2. 선행연구와의 차별성
3. 연구 범위와 구성

제2장 글로벌 기후재원 특징 및 쟁점
1. 기후재원 개념 및 COP 논의
2. 글로벌 기후재원 현황 및 수요
3. 신규 기후재원 조성 논의와 주요 쟁점

제3장 공여국의 기후재원 지원 규모 분석
1. 기후재원 집계 문헌 및 방법론
2. 공여국별 기후재원 지원 규모 분석
3. 한국의 기후재원 지원

제4장 주요국의 기후재원 대응 및 전략
1. 일본
2. 영국
3. 스웨덴

제5장 민간 기후재원 활용 방안
1. 민간 기후재원의 필요성 및 제약요인
2. 민간부문의 기후재원 조성 현황 및 전략
3. 민간재원의 활용촉진 수단 및 적용 사례

제6장 한국의 대응과 과제
1. 한국의 기후재원 관련 정책 및 집계ㆍ보고
2. 글로벌 기후재원 지원에서 한국의 대응 방안
3. 향후 연구과제

참고문헌

부록

Executive Summary