기후 위기 대응과 지역 금융: 기후 금융은 지역(금융) 발전의 기회인가

김준일 한국사회과학연구회 2025 동향과 전망 Vol.- No.124

이 글은 기후 금융에 대한 다양한 시각들을 정리하고 지역 금융 활성화 방안으로서기후 금융의 관점을 새롭게 제안하는 것을 그 목적으로 한다. 특히 한국적 상황에서 기후 금융이 어떻게 지역 금융이 직면한 여러 문제를 해결하고 지역 발전과 기후 위기 극복의 두 가지 목적을 달성할 수 있을 것인지를 논의한다. 구체적으로 살펴보면, 이 글은 기후 위기에 대한 시각을 주류적 관점, 마르크스주의나 생태 경제학 등 비판적 관점, 그리고 그린 뉴딜 등으로 나누어 검토하고 지역(금융) 발전 측면에서의 그 의미를 논의했다. 또한 기후 금융을 지역 금융 활성화의 대안으로 제시하는 근거로서 첫째, 지역에서의 기후 금융 부족과 필요성, 둘째, 지역 거점 관계 금융의 어려움과 필요성, 셋째, 지역의 탈탄소 과제 수행을 위한 금융 필요성 등을 제시했다. 이어서 이 글은 세계 각국에서 기후 위기 극복을 위해 중요한 역할을 하는 그린 뱅크를 살펴보고 지역 기반 기후 금융 생태계를 구축할 것을 주장했다. This paper aims to review various perspectives on climate finance and propose a new viewpoint on climate finance as a means to revitalize regional finance. Specifically, it discusses how climate finance can address several challenges faced by regional finance in the context of South Korea and contribute to both regional development and overcoming the climate crisis. The paper examines the climate crisis from various perspectives: mainstream perspectives, critical approaches such as Marxism and ecological economics, and Green New Deal strategies, analyzing their implications for regional (financial) development. It further argues for climate finance as a solution to revitalize regional finance by presenting three key points: first, the lack and necessity of climate finance at the regional level; second, the challenges and need for relationship-banking in regional finance; and third, the financial needs to carry out decarbonization tasks in regions. The paper also explores the role of Green banks, which have played a significant role in tackling the climate crisis in various countries, advocating for the establishment of Green banks led by the public sector and for regional financial institutions to collaborate in building a regionally based climate finance ecosystems.

The Green Climate Fund

Erica Lyman 강원대학교 비교법학연구소 2014 환경법과 정책 Vol.13 No.-

녹색기후기금은 기후변화협상의 최대 성과로 평가되고 있지만 기후기금의 진정한 역할은 아직 구체화되지 않았다. 많은 쟁점들이 미해결 상태이며 기후재정협상을 지배했던 선진국과 개도국의 반목이 기후기금을 둘러싼 협상에서도 재현되고 있기 때문이다. 이러한 장애를 극복해야 하는 녹색기후기금의 전면적이고 탄탄한 운영과 기후변화 대응력은 여전히 불확실하다. 사실, 협상 참가자들은 녹색기후기금의 재원마련을 위한 목표에 대한 협의조차 없이 2014년 6월 재원동원을 위한 최초의 회의를 끝냈다. 기후변화기금과 그리고 더 포괄적인 의미에서 현재 분절화된 기후기금체계의 목표달성을 위해 중요한 것은 기후변화협약 하 설립된 다양한 기금들의 거버넌스와 운용실태를 이해하는 것 뿐 아니라 역사적으로 반복된 주요 논쟁을 심층적으로 분석하고 이해하는 것이다. 본 논문은 이러한 배경들을 종합하여 담고 있다. 본 논문이 만병통치약은 아니지만, 하나의 대안으로 재정상설위원회(Standing Committee)와 국가지정기관(Designated National Authorities)을 전략적으로 활용하는 하향식 또는 상향식 접근을 제안한다. 이를 통해 적어도 효율적이며 효과적인 기후재정의 방향성을 제시하고자 한다. The Green Climate Fund has been heralded as a triumph of the climate change negotiations, but its true role in climate finance has yet to materialize. Significant questions remain unresolved and negotiations are mired in the same developed versus developing country controversies that have stymied other avenues of climate finance. With this legacy to overcome, the Green Climate Fund’s full and robust operationalization and impact on climate change is unclear. In fact, participants left an initial meeting to mobilize resources for the Green Climate Fund in June of 2014 without so much as agreement on a target for future resource mobilization. Critical to achieving the goals of the Green Climate Fund and the broader, now fragmented, climate finance regime is a deep understanding of historical and entrenched debates as well as the governance and mechanics of the various UNFCCC financial institutions, and this paper provides a synthesis of this backdrop. Although it does not offer a panacea-type solution, this paper does suggest that alternative top-down or bottom-up approaches strategically employing the Standing Committee on Finance or Designated National Authorities, respectively, may at least represent pathways toward efficient and effective climate finance.

사업보고서 2013-09-04 : 기후변화 대응을 위한 환경금융 활성화 방안

이정석,강희찬 한국환경연구원 2013 사업보고서 Vol.2013 No.-

Our research on “Vitalizing Environment Finance Responding to Climate Change attempts to identify key issues for the GCF (Green Climate Fund), and urge preparation for its utilization. The GCF was established for the purpose of responding to climate change in developing countries. It raises funds from the international community, and utilizes the fund, acting both as a financial institution and an environmental organization. The fact that South Korea has hosted the GCF means that the country has an important role to play in the international community. The second chapter analyzes recent discussions of the GCF Board regarding the potential business model. Key elements in the business model framework for discussion suggested by the GCF Board include: 1) objectives, results, and performance indicators (Objectives, Results & Performance Indicators, 2) ownership of recipient countries (Country Ownership), 3) financing approach (Access Modalities), 4) financial instruments (Financial Instruments), 5) private sector organizations (Private Sector Facility), and 6) organizational structure (Structure & Organization). Chapter 2, discusses future plans of the GCF Board for the coming years, along with an analysis of each element. The third chapter studies the financial climate status of the international community regarding the mobilization of climate finance. The international community is still in disagreement on the definition of climate finance. However, all financial resources corresponding to climate change are regarded as climate finance and the measures are used as global climate finance. Private and public funding are based on the measures of the Climate Policy Initiative announced by the international community. Next, the paper discusses specific funds. Each international organization has its own way of composing funds. The GCF has the nature of both a financial institution and the environment organization. Thus, the paper gives an overview of the International Monetary Fund (IMF), the Asian Development Bank (ADB), the United Nations Environment Programme (UNEP), and the United Nations Development Programme (UNDP). The last section of Chapter 3 suggests how South Korea may contribute to GCF fundraising. Chapter 4 discusses the allocation of funds. First, the paper examines Climate Investment Funds (CIFs) and Adaptation Fund (AF), which are the existing types of major multilateral environmental funds. The paper analyzes the success factors of such institutions. The success factors need to be benchmarked by the GCF. Climate change projects are divided into two categories: mitigation and adaptation. Fund allocation is then discussed in terms of facilitating the domestic industry to provide investment opportunity overseas through GCF projects. Hosting of the GCF has encouraged Korea to identify lessons learned from the perspectives of suppliers and consumers of climate finance, which has also allowed identification of effective methods to utilize GCF funds. The second part of Chapter 4 discusses the use of private funds. The GCF plans to launches an organization named Private Sector Facility (PSF). PSF catalyzes the use of private sector participation for climate change projects, and attracts private funding. The success of GCF operation depends on the effectiveness of PSF, because public funding cannot meet the demand of increasing funding needs of developing countries. Effective mobilization of private funding will provide enormous opportunities for Korean companies and industries. In addition, Korean financial institutions and technology companies will have opportunities to expand overseas through collaboration with the GCF. The study examines business model in conjunction with the PSF. The final section of Chapter 4 proposes methods of allocating funds.

Improving Korea’s Climate Finance for Developing Countries: Policy Analysis of the Management of Climate-Related Development Finance (CRDF)

Youngwoo Kim 한국국제협력단 2020 국제개발협력 Vol.15 No.2

No country can be free of global warming and incremental natural disasters. This is true especially of developing countries, which are the most vulnerable to climate change. Although developed and developing countries agreed to mobilize USD 100 billion per year to support developing countries by 2020, the Organization for Economic Cooperation and Development (OECD) has transferred only about USD 58.5 billion, on average over 2015 to 2018, to developing countries. Korea, one of the OECD’s Development Assistance Committee (DAC) members, has a considerable gap between its contribution and its target. This is due to several reasons such as the lack of official development assistance (ODA) as a primary public resource for developing countries, limitations of other forms of public climate finance, and the low level of public-private partnerships (PPP) related to climate change. This study analyzes Korea"s climate finance, mainly climate-related development finance (CRDF)) as a part of ODA. It suggests a strategy for solving the issues faced by the Korean government with a policy analysis approach.

녹색금융의 형성과 구조에 대한 제도적 검토

최승필 강원대학교 비교법학연구소 2022 환경법과 정책 Vol.28 No.-

As interest in responding to the climate crisis rises again, green finance is being re-evaluated. For the transition to a carbon-neutral society, changes in industries and energy are essential, and financial support is required for the transition. This is called green finance. Green finance is a part of sustainable finance that considers the environment, society, and governance, and focuses on climate change and carbon-neutral. To implement green finance, financial institutions need their risk management and strategies, in financial market, institutional infrastructure such as target classification, performance evaluation, and disclosure of the information is required. The measure of green finance includes loan, investment, and insurance, and the central bank's open market operation is also being utilized. The most important of these is to support the green activities of green companies by investing in stocks and bonds issued by green companies. The legal basis for green finance is limited. This is due to the fact that green finance is mainly implemented through support and voluntary participation rather than regulation. Support is usually provided through policy financing, guarantees, tax reductions, etc., and this also needs to be systematically provided on a legal basis. Accordingly, the basic act on carbon neutrality and the environmental technology and industry support act have the legal basis for green finance. In addition, a bill for the promotion of green finance to respond to the climate crisis has also been proposed. The governance of green finance is important; green classification system, green bond principles, green information disclosure, etc. International efforts on green finance are focused on such governance and are being projected into related acts. The strategy for revitalizing green finance in Korea also focuses on the formation of governance and the establishment of infrastructure. The transition to a carbon-neutral society requires both regulation and support, and green finance plays a central role in that support. 기후변화 대응에 대한 관심이 다시 증가하면서 재조명되는 것이 녹색금융이다. 탄소중립사회로의 전환을 위해서는 산업 및 에너지 등의 부문에서의 변화는 필수적이며 해당 전환을 위해서는 금융지원이 필요하다. 이를 녹색금융이라고 한다. 녹색금융은 환경·사회·지배구조 등을 감안하는 지속가능금융의 한 부분으로서 기후변화와 탄소중립에 주력하는 금융이다. 녹색금융을 수행하기 위해서는 금융기관 자체의 리스크 관리와 전략이 필요하며, 시장의 측면에서는 녹색금융의 대상 분류, 성과측정, 공시 등의 제도적 인프라가 필요하다. 녹색금융의 구현방식은 여신, 투자, 보험이 있으며, 중앙은행의 공개시장조작도 활용되고 있다. 이 중에서 특히 중요한 것은 투자로서 녹색기업이 발행한 주식 및 채권에 투자함으로써 해당 기업의 녹색활동을 지원하는 것이다. 녹색금융의 법적근거는 제한적이다. 이는 녹색금융이 주로 규제가 아닌 지원방식으로 이루어지는데 기인한다. 지원은 대체로 정책금융을 통한 자금공급, 보증, 조세감면 등이며, 이 역시 법적근거를 마련하고 그 기준이 제시될 필요가 있다. 이에 따라 탄소중립법, 환경기술 및 환경산업지원법은 녹색금융에 대한 부분적 법적근거를 두고 있다. 또한 녹색금융을 위한 개별법안으로 기후위기대응을 위한 녹색금융촉진특별법안도 발의된 바 있다. 법적측면에서 규율대상 중에서는 녹색금융에 대한 거버넌스가 중요하다. 시장에서 자금이 녹색활동으로 흐르게 하고, 의사결정을 위한 정보를 제공하기 위함이다. 녹색분류체계, 녹색채권원칙, 녹색정보공시 등이 거버넌스를 구성한다. 녹색금융에 대한 국제적인 노력은 이러한 거버넌스에 집중되고 있으며, 최근 개별 법령에 일부 투영되고 있다. 정부의 녹색금융활성화를 위한 전략 역시 거버넌스의 형성과 인프라 구축에 주안을 두고 있다. 탄소중립사회로의 전환은 규제와 지원이 동시에 필요한 부분이며, 녹색금융은 그 지원의 한 축을 담당한다. 현재 녹색금융을 위한 제도적 기반 마련은 갖추어져 가고 있다. 이제 남은 과제는 어떻게 실행할 것인가이다.

신기후체제 이행을 위한 기후금융 역할 분석

진익,김윤희 국회예산정책처 2017 예산정책연구 Vol.6 No.2

This paper presents the necessity of having sufficient finances to implement measures contained within Nationally Determined Contributions(NDCs). Based on a dynamic model to capture the link between emissions and government budget balance, our analysis estimates the cost associated with implementing emission-reducing policy. It also measures the gap between what is likely to be funded through existing resources, and what needs to be supplemented through climate finance. For that purpose, an international comparison analysis has been conducted to quantify public climate finance needs for each country. Using panel data for 40 countries over the period of 1998.2012, the empirical results show that economic growth and commensurate greenhouse gas emissions generate budgetary surpluses, and that these surpluses must be offset by public climate finance if countries are to reduce emissions commensurate with their NDCs. It further suggests that this is particularly a challenge for developing countries(notably, the BRIICS). The approach of this paper provides a method for determining the actual amount of public finance required to offset the budgetary shortfall from the climate finance pledged under the Paris Agreement. It is imperative to quantify the extent to which each of the developing countries needs to receive international financial support. 파리협정이 발효됨에 따라 전 세계적으로 신기후체제에 대한 대응이 계획단계에서 이행단계로 전환되고 있으며 이로 인한 기후금융에 대한 수요가 지속적으로 커질 것으로 예상된다. 이미 주요 선진국들은 기후변화대응을 새로운 성장기회로 간주하고, 다양한 방식의 개입을 통해 기후금융(climate finance)을 동원(mobilizing)하고 그 규모를 확대(scale-up)하고자 노력하고 있다. 그러나 국내에서는 아직 공공 기후금융의 조성이 부족하고, 민간부문의 기후금융 참여도 미흡한 실정이다. 이는 국가주도로 추진되어온 녹색성장 및 자원외교의 성과부진, 주요 당사국의 단기적 정책 변화를 둘러싼 불확실성 등이 사회적 공감대 형성에 걸림돌이 되는 것으로 보인다. 그러나 합리적으로 잘 설계된 환경규제(well-designed environmental regulation)는 시장의 성숙을 촉진하고 기업의 경쟁력을 강화시킬 수 있다. 그러한 인식을 바탕으로, 본 연구는 OECD 및 BRIICS국가를 대상으로 국민총생산, 온실가스 배출량, 재정수지 사이의 상관관계를 분석한 뒤, 향후 파리협정 이행을 위해 요구되는 국가별 기후금융 규모를 파악할 수 있는 하향식(top-down) 접근법을 제안하였다. 또한 글로벌 시장에서 관측되는 양상을 참조하여, 공공 기후금융의 유인성 수준이 높을수록 보다 큰 규모의 민간 기후금융을 조성할 수 있음을 살펴보았다.

글로벌 물시장에서의 기후 금융과 ODA자금 동향 조사

김자겸,김승현,손진식 대한상하수도학회 2020 상하수도학회지 Vol.34 No.3

ODA finance in the water sector has decreased after reaching a peak in 2012 although total ODA commitments has constantly increased according to OECD DAC data. However, climate finance in the water sector has increased so much since 2013 according to 7 MDB Joint report on Climate Finance. Water in climate change is the main issue for adaptation, especially. All the funds for water sector took a half in adaptation in 2016. However, procedures for approval and the requirements of the proposals for climate funds are different from those for development finance. Notwithstanding the changes in money flows in the water sector, most korean engineers in the water infrastructure area are not ready to win the funds relating to climate change. It is important to understand a variety of sources of climate funds, characteristics, funding scale on each purpose and procedures for approval. Korean government needs to provide domestic firms the opportunities to get involved climate adaptation projects from financial support for developing PPFs, concept notes, and proposals.

지역금융 발전을 위한 법적 과제

정찬형 ( Chung Chan Hyung ),박철우 ( Park Cheol Woo ) 한국금융법학회 2020 金融法硏究 Vol.17 No.3

For the reason that the financial industry, as a higher value-added industry, has high productivity and can contribute to creation of employment, many countries and cities are strategically driving to transform themselves into financial centers or financial hubs. We think that it is very meaningful to discuss in advance the direction of development of the regional finance with a view to improve the sluggish regional economy of today, and to foster the financial industry as a foundation for the regional growth. In Korea, the development approach to designate several types of finance-specialized cities, e.g. Seoul, Busan, and to develop the strong point cities into financial centers can reveal the problem that the approach could weaken the concentration effect of financial industry. But the approach also has several positive features that it can bring synergy effect by fostering many kinds of specialized finance sectors, and make use of support plans specialized by regional group. And especially it can contribute to seek balanced development between regions. To make a leap forward to the financial hub it is needed to revise the provisions of the Act on the Creation and Development of Financial Hubs focusing on the structure and designation process of financial hubs into the provisions to institutionally support the financial hubs. At the same time it is needed to enlarge the tax benefit and incentive schemes, and make measures to foster the regional financial institutions. In addition, the authors think that it is requested to redeem the roles of the provincial banks and regional non-bank depository institutions, and the scheme and support plan to activate the small-loan finance. Also it is needed to make concrete the scheme to improve the regional finance. The authors recognized that Jeollabuk-do targeting to be designated as the third financial hub following Seoul and Busan can basically set up the development plan of regional specialized finance as the ‘financial hub specialized in life and ecology’. In this regard, specifically the ‘ecological finance’ has the background of ‘climate finance’ related to the agriculture, forestry, and fisheries of Jeollabuk-do area, and agricultural & fishery disaster insurance. In addition, the ecological finance is related to the ‘Fintech industry’ to create the basis of financial innovation and financial infrastructure. Consequently, from a strategic point of view to be designated as a financial hub, Jeollabuk-do can examine an action plan to specialize in the climate finance including the carbon finance, green finance, emission trading etc. Furthermore, the financial sectors in which we should build new schemes and foster related to the climate finance are weather derivatives, Cat-bonds with which an insurer can transfer its risks to the bond markets and investors, and thereby enlarge the capacity of insurance underwriting, one kind of natural disaster insurance, the agricultural & fishery disaster insurance, etc. The Fintech industry can be classified broadly into four groups: payments, financial data & analytics, financial software, platforms. So if Jeollabuk-do can focus on and specialize in this field, it will make great progress to the third financial hub of Korea.

온실가스 감축의무 협상동향 및 대응방향 연구 IV

이정석,강희찬,김용건,유승연,정예원 한국환경연구원 2012 녹색성장연구보고서 Vol.2012 No.-

This study analyzes the outcomes of thoughts and researches on what actions to take and plans to have, in terms of United Nations Framework Convention on Climate Change (UNFCCC). The study organizes the current series of climate change negotiations since the 17th Conference of Parties (COP) in 2011, which had taken placed in Durban, South Africa. The results of major workshops, ``equitable approaches to sustainable development`` and ``long-term global objective and mitigation action`` are discussed and implications are drawn. In addition, this study analyzes the negotiation position of China in depth because China has increasingly enlarged its influence on the progress of climate change negotiations. The political positioning of China is discussed following the previous discussions of U.S. negotiating positions which was already discussed in the third edition of this report. The major negotiation issues of AWG-LCA, AWG-KP, and ADP since the COP 17 are discussed and summarized. Then, the study summarizes the outcomes of the COP 18 and suggests Korea`s strategies on future climate change negotiations. The parties of the Doha Conference agreed to continue on the Kyoto Protocol (KP) by 2020 in the midst of parties fearing the collapse of KP. The adoption of a second commitment period of the KP, the only legally binding obligation to reduce green house gas emissions, will prevent the gap between the first and second commitment periods. The AWG-LCA which was established in 2007 (COP 13) in order to discuss the post-2012 climate change paradigm is terminated and it is set to implement what has been discussed. The adoption of a second commitment period of the KP and the termination of the AWG-LCA are the major achievements of the Doha Conference. Still, there are another many issues requiring the agreements of parties in the future. Based on the outcomes of the Doha Conference, possible negotiating strategies are as follows. First, Korea needs to clarify what roles to take in the new climate change negotiation paradigm and take necessary actions. Parties agreed to make a draft of negotiating text in the ADP by May 2015 and host meetings at least twice a year from 2013 to 2015. Raising the ambition pre-2020 and establishing a new climate change regime for post-2020 will be the main negotiating challenges from 2013. Korea needs to implement stated pledges and thereby demonstrate her green leadership. Second, parties agreed to adopt a second commitment period of the KP from 2013 to 2020 which legally obliges the mitigation of the developed countries. Parties may provisionally apply the amendment and implement their commitments of the second commitment period during the domestic processes of national legislation. Third, Korea needs to actively suggest ideas and opinions through submissions while closely observing changes on parties` negotiating positions. Discussions relating a shared vision, finance and technology will take place under the ADP or subsidiary bodies. After five years of discussions on the AWG-LCA since 2007, parties have reached an agreement to terminate the AWG-LCA after all. This means that parties have agreed to discuss issues such as the establishment of work programmes for the mitigation of developing countries, providing MOI (finance, capacity building, technology transfer), and hosting adaptation forum and make agreements, henceforth. Parts of the discussions will be transferred to subsidiary bodies. Fourth, Korea needs to endeavor to attract more long-term finance funding to GCF as active discussions on mid and long-term financing support are expected in 2013. The Doha Conference urged parties to submit strategies and plans by the COP 19 how to mobilize the long-term finance. The Doha Conference also congratulated and ratified the host of GCF in Korea. The outcomes of this research provide the basis for Korea to set the negotiating position and help to develop policies promptly to respond to the upcoming global climate change regulation.

녹색기후기금의 개도국 기후기술 인큐베이터 및 액셀러레이터 프로그램 설계 요소 도출을 위한 사례 분석 연구

윤순욱(Yoon, Soonuk),오채운(Oh, Chaewoon) 한국기후변화학회 2021 한국기후변화학회지 Vol.12 No.2

Under a new climate regime ushered in by adoption of the Paris Agreement, the importance of technological innovation efforts has been highlighted. Under the United Nations Framework Convention on Climate Change (UNFCCC), methods to support developing countries in terms of innovation, particularly, research, development, and demonstration (RD&D), have been explored by the Technology Mechanism and the Financial Mechanism. One such method is an incubator & accelerator program. This program is intended to help (technology) entrepreneurs or start-up companies in the process of leading novel technology commercialization. The Technology Mechanism has focused on the possible roles of this program, and the Green Climate Fund (GCF) of the Financial Mechanism under the UNFCCC has been preparing for the set-up of an incubator and accelerator program, called the Climate Innovation Facility (CIF), as a separate financial track to support developing countries’ climate technology start-ups and to trigger climate technology innovation. In this context, the design factors considered in the formation of a ‘climate technology’-targeted incubator & accelerator program of the GCF must be identified. This paper proposed an analytical framework with five key factors for design of successful incubator/accelerator programs on the basis of literature review. Three cases of successful ‘climate technology’ incubator & accelerator programs are selected for study: i) Climate-KIC, ii) Climate Knowledge and Innovation Community, and iii) Global Cleantech Innovation Programme. The afore-mentioned analytical framework is applied to all three cases. The analytical results indicated essential points to be considered in the design of a ‘climate technology’ incubator & accelerator program of the GCF. This paper concludes with policy and scholarly implications, weak points, and future research.