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Climate Change
Climate Change
Overview
Climate change is looming as a serious challenge to the continuous economic growth necessary for poverty reduction and attainment of the Milllenium Development Goals (MDGs). The UN's Intergovernmental Panel on Climate Change (IPCC) has announced that developing countries are particularly vulnerable to climate change.
Many of the developing countries are located in regions increasingly plagued by extreme weather events such as hurricanes, floods, drought, and desertification. Climate-sensitive sectors (e.g. agriculture and fisheries) are likely to be most significantly affected. To make matters worse, development countries' limited capacities to predict and respond to climate change will have additional negative impacts on their development.

Adaptation measures are required to make vulnerable people resilient to climate change and climate-proof development approaches should be selected. Developing countries are also encouraged to join the international efforts of lowering greenhouse gas emissions as, according to an IPCC simulation study, stabilized levels of CO2 cannot be reached with the achievement of the CO2 reduction goals by developed countries alone.

A number of international organizations and developed countries have recognized the importance of aid that helps developing countries cope with climate change. New funds have been created by many bilateral and multilateral development agencies to be exclusively used for climate change mitigation and adaptation. Some examples are; the Adaptation Fund (UNFCCC), Special Climate Change Fund (UNFCCC), Least Developed Countries Fund (UNFCCC), Strategic Priority on Adaptation Program (GEF), The Global Climate Change Alliance (EC), Clean Energy Investment Framework (WB), Cool Earth Partnership (JICA), and Climate Protection Programme (GTZ).

The Korean Government is focusing on its neighboring region. East Asia has experienced rapid economic growth. However, increased fossil fuel dependency, the depletion of indigenous natural resources and low energy efficiency are barriers to achieving sustainable development, the 7th goal of the MDGs. In addition, a significant portion of the population in East Asia is suffering from more frequent climate extremes, lack of water, low crop yields, water-borne diseases, etc. Consequently, sustainable development approaches are urgent and adaptation should be mainstreamed into development assistance. In July 2008, attending the Major Economies Meeting of the expanded Group of Eight Summit in Toyako, President Lee Myung-Bak launched the "East Asia Climate Partnership" to resolve these climate-related issues and achieve sustainable development in this region.
 
KOICA's Strategy
Through the "East Asia Climate Partnership", Korea has committed itself to a 200 million USD assistance package (2008-2012) for developing countries in East Asia and beyond. KOICA, which has 18 years of experience in development cooperation, is the implementation agency for this partnership and will be delivering all its expertise and enthusiasm to create another success story through a win-win synergy between climate action and development.
 
East Asia Climate Partnership 
Unique Features of East Asia
Many developing counties in East Asia have been experiencing rapid economic growth. This causes increased consumption of non-renewable natural resources including fossil fuels.
Many of the major cities are located in coastal deltas where sea level rise is a critical issue.
Tropical cyclones are increasingly frequent and intense. More heat waves have been observed.
  All of the above cause people in East Asia, especially the poor, to be more vulnerable to the impacts of climate change.
Vision of the Partnership
Korea will lead East Asia in reducing carbon emissions without stifling economic growth and share its new policy direction which aims to turn the crisis of climate change into an opportunity to move toward a low-carbon society, thereby setting a milestone for green growth.
Objectives
  The "East Asia Climate Partnership" aims
to identify an "East Asian Low Carbon Development Path" by incorporating a regional strategy which creates a win-win synergy between the climate and the economy
to help partner countries raise the awareness of the significance of climate change and build the capacity for combating its impact
to contribute to international cooperation working toward solving the climate change issue and achieving the MDGs
Approaches
Considering the different natural environments and economic development contexts of each partner country, KOICA is making a selection of the best-suited aid themes and schemes for each country to maximize the effectiveness and efficiency of the assistance program. Pilot projects in renewable energy as well as other necessary programs will be implemented. The new technology will be disseminated in East Asia and regional adaptation strategies will be applied for awareness-raising and capacity building of least developing countries and small island developing countries. This partnership will establish a framework for energy policy consultations and financial support for its members.