ADB-Korea Climate Technology Hub (ADB-57263-001)

Regions
  • East Asia and Pacific
  • Europe and Central Asia
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Regional
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ ADB website

Updated in EWS May 10, 2024

Disclosed by Bank Dec 21, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the TA will finance the establishment and operation of the ADB-Korea Climate Technology Hub (K-Hub) in Seoul, Republic of Korea, for the benefit of all developing member countries (DMCs) of ADB. The K-Hub will connect ADB's DMCs to global cutting-edge climate technology, experts, service providers, and other stakeholders in the climate technology ecosystem; serve as a think tank to share and disseminate climate technology-related policies and knowledge; serve as a platform where DMCs and technology providers can interact and explore cooperation; enable DMCs to keep abreast of the latest climate technology development to address their demand for food, energy and water security, disaster management, and smart infrastructure and mobility; and make informed decisions on the technology solutions. It will focus on mapping out and introducing the climate technologies that respond to the DMCs' needs; studying and comparing the technology ecosystems for the supply and demand side including recommending improvements; connecting the technology providers and those in demand in the DMCs; strengthening DMCs' science and technology ecosystems; and fostering climate technology policy dialogue and accelerated application and deployment of climate technologies in the DMCs. The K-Hub will work closely with ADB's OMDP, RDs, SG, PSOD including ADB Ventures, and Innovation Hub; explore novel business models; and contribute to ADB's sovereign and nonsovereign operations and low-cost technology solutions for the DMCs.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Risk Categorization: Low

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The TA financing amount is $5 million, which will be financed on a grant basis by EAKPF and administered by ADB.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Contact Information

Project Officer: Cai Li

Designation: Advisor - Asian Development Bank

Email: caili@adb.org

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.adb.org/forms/request-information-form

ADB has a two-stage appeals process for requesters who believe that ADB has denied their request for information in violation of its Access to Information Policy. You can learn more about filing an appeal at: https://www.adb.org/site/disclosure/appeals

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main.

How it works

How it works