Songdo International Business District was selected to accommodate the secretariat of the U.N.-operated Green Climate Fund (GCF) during its board meeting Saturday.
At their meeting in Songdo, a town in Incheon and west of Seoul, the directors voted for the district over five other competitors.
Let's summarize: The Green Climate Fund (GCF) is a bank account that holds about $800 Billion in funds extorted indirectly from taxpayers around the world. It sits in an account, and they actually have to have a bidding war to see which country gets to reap the rewards of managing the account.The fund is sometimes called the “World Bank” for global environmental protection with its size reaching $800 billion. Annual economic benefits from the GCF headquarters are estimated to about 380 billion won or about $344 million.
The rewards approach $350 Million to invest for the lucky winner of the auction. In this case it is Songdo, Korea. Peachy.
It was not exactly known how the vote proceeded but the six bidders were supposed to be eliminated one per round until the winner was left.
The GCF’s mission is to help developing countries reduce greenhouse gas emissions and fight other problems associated with climate change. Details on how much funds it will raise for the goal are likely to be decided at the Qatar conference.
Wait...what? An account of $800 Billion, and no one but the insiders at the United Nations know how the bidder was selected. That seems...consistent with how the UN operates. And, the fund is supposed to help developing countries reduce greenhouse gas emissions and fight other problems associated with climate change just as quickly as the UN can make them up.The government expects the hosting will create more added value and jobs with financial services involving hundreds of GCF staffers, and improve the tourism industry along with GCF-related meetings and consequent accommodation, transportation and travel services.
Here's a thought. If the fund is to benefit developing countries, why not manage the fund within a developing country, and allow them to use that $350 Million in spoils to put in indoor plumbing and string up some electricity instead of allowing Songdo to add another Noodle Palace through low interest loans?
Nevermind, I see now. The UN needs to have hundreds of GCF jobs and set up their little homes away from home for "meetings" and "travel." Gotcha...who'd want to travel to Rwanda (wink)?