기후변화 체제의 재정분야 쟁점과 녹색기후기금(GCF)의 역할― 적응지원 역할강화를 중심으로 ―

The international community is in the midst of negotiation to design the new international climate change regime, which will replace the current Kyoto Protocol. The key difference between the Kyoto system and post-Kyoto system is that developing countries will bear burden to address climate change issues. The building of the international financial mechanism to support mitigation and adaptation activities of developing countries is a key to the successful regime design. Against this backdrop, the Green Climate Fund was established in 2010, of which secretariat is hosted by the Republic of Korea. Although the Green Climate Fund would bring new opportunities to developing countries and developed countries alike, there are still so many pending issues to be resolved before the meaningful operationalising of the Fund, including the size of thd Fund, sources, funding mechanism, timeline of capitalization, and so forth. This paper analyzes key challenges to the GCF’s early capitalization and operation. It also discusses the position of major negotiating members to highlight the differences and convergence in their positions. With the analysis, the paper suggests the GCF’s linkage with other adaptation-related funds and possible consolidation. Once the Fund has flow from public finance and gains experience in raising and executing funds in adaptation area, it would have more confidence and capability to actively engage in mitigation support business.