The bureaucrats in charge of the fund and the Korean hosts seem to have megalomaniac plans for this totally useless (taxpayer funded) organisation, which will distribute cash to developing countries (dictators of the third world can't wait to lay their hands on the money!), supposedly suffering from human caused global warming:
Germany, Switzerland, Poland, Mexico and Namibia had all vied to host GCF, an entity often referred to as the World Bank of the environmental sector. GCF’s first full year of operation will be 2020. By that time it is expected to be funded at $100 billion. If GCF expands according to current plans — which calls for core member nations to raise more capital — the fund will grow to $800 billion by 2027.
“The GCF organization will steadily expand in the future and it will have more and more affiliated groups as well,” President Lee Myung-bak told the press Saturday.
“I think it’s a blessing for the Korean people,” Lee added. “For the first time in our history, we will host one of the biggest international organizations.”
The Songdo district is on reclaimed land in western Incheon linked to Incheon International Airport by the 7-mile long Incheon Bridge. The Incheon City government, which has run up a large deficit in developing Songdo International Business District (IBD), has been struggling to bring it to life by attracting foreign investments. The city has pledged to provide 15 floors of the district’s 33-story I-Tower building to the GCF secretariat. Once fully staffed the GCF headquarters will expand out into considerably more space.
The GCF could ultimately become bigger than the IMF or the World Bank if member nations meet their fundraising commitments, said Kim Sang-hyup, senior presidential secretary for green growth.
I am afraid that President Lee Myung-bak - or at least his successors - will be in for a great disappointment. If there is any sanity left in the western paymaster countries the Green Climate (scam) Fund will never get the $800 billion - ore even a fraction of it. And neither will there be any need to "expand out into considerably more space" in the struggling Songdo International Business District. But even the first hundreds of overpaid international climate bureaucrats expected to fill the 15 floors in Songdo, are far too many.
The U.S. Congress should and could play a major role in making the life span of the Green Climate Fund as short as possible.