Further negotiations and work are needed on the financing agenda to implement the Paris Agreement. First, the amount of financing towards supporting developing countries loses significance without a common understanding of the climate finance concept and a consistent measurement, reporting and verification (MRV) framework of support. Second, there are issues of complementarity between the operating entities of the financial mechanism and the funds under the Convention and Kyoto Protocol. Third, developed and developing countries require more action and effort to mobilize and scale up climate finance.

In considering such challenges, Korea can serve as a bridge between developed and developing countries to globally push and pull climate finance. As the host country of the GCF, Korea needs to establish its role in encouraging more countries to scale up climate finance and support developing countries.