Korea-based Green Climate Fund says recent U.S. withdrawal won't affect operations

The Korea-based Green Climate Fund (GCF) said Friday that the recent U.S. withdrawal from its board would not disrupt its operations nor commitment to supporting developing countries tackle climate change-related challenges.

Green Climate Fund logo and the U.S. flag are seen in this illustration taken on April 23, 2025. [REUTERS/YONHAP]

The Korea-based Green Climate Fund (GCF) said Friday that the recent U.S. withdrawal from its board would not disrupt its operations nor commitment to supporting developing countries tackle climate change-related challenges.

In a statement, the GCF said the board seat vacancy would be filled in line with its policies, and that Washington’s absence would not affect the functioning of the board or the fund’s activities.

The notification followed a U.S. presidential memorandum dated Wednesday directing federal departments and agencies to withdraw from a number of international organizations, conventions and treaties, including the United Nations Framework Convention on Climate Change (UNFCCC). Membership in the UNFCCC is a prerequisite for representation on the GCF Board.

The GCF emphasized in its statement that climate change “remains a fundamental threat to international development, security and long-term prosperity” and pledged to continue serving parties to the UNFCCC as the world’s primary climate fund for developing countries.

Central to that mandate, it said, is support for affordable, reliable and sustainable energy to promote economic growth, poverty reduction and development.

The fund said it has approved $19.3 billion for 336 projects across 134 developing countries, all of which are fully funded from existing resources. It also noted that it has approved a record $3.26 billion in new projects, “underscoring its continued commitment to delivering impact at scale in line with its mandate.”

The U.S. Treasury Department separately confirmed the withdrawal on Thursday, saying it had informed the GCF of Washington’s decision to step down from the fund and its board “effective immediately,” in line with the administration’s broader move to exit the UNFCCC.

U.S. Treasury Secretary Scott Bessent in Kuala Lumpur, Malaysia, on Oct. 26, 2025 [REUTERS/YONHAP]

U.S. Treasury Secretary Scott Bessent said in a press release that the United States would no longer fund what he described as “radical organizations like the GCF,” arguing that their goals run counter to the administration’s view that affordable and reliable energy is fundamental to economic growth and poverty reduction. The department added that continued participation in the GCF was no longer consistent with the administration’s priorities and goals.

The GCF, headquartered in Incheon, west of Seoul, was established in 2010 under the UNFCCC to help developing countries finance climate change mitigation and adaptation efforts.

While the fund currently has no physical presence outside of its main office in Incheon, its board approved a plan last year to establish regional offices worldwide.

Washington’s withdrawal from the fund is part of a broader policy shift announced earlier this week, after U.S. President Donald Trump signed a memorandum ordering the United States to exit 66 different international organizations, agencies and commissions.

U.S. Secretary of State Marco Rubio said those bodies were identified during an administration review as “wasteful,” “ineffective” or “harmful” to U.S. interests.

BY MICHAEL LEE [lee.junhyuk@joongang.co.kr]