A new U.N. fund designed  to manage billions of dollars to help developing nations combat climate change and called The Green Climate Fund  will be based in South Korea.

The Board of the fund has selected Songdo, Incheon City, South Korea, the board of the fund over  Mexico, Germany ,Namibia, Poland and Switzerland who had also sought to be the headquarters.

 In 2009 developed nations  agreed to raise the amount spent on climate aid. That is currently about $10 billion a year, and the increase will take it to about $100 billion from 2020 to help developing countries curb greenhouse gas emissions and cope with the impacts of climate change. 

Interestingly there has as yet been no discussion about how the fund is going to raise $100 billion at a time when the developed world is facing major economic challenges.T.

The decision will be put to environment ministers for approval at a meeting in Doha, Qatar, from Nov. 26-Dec. 7.

International charity Oxfam welcomed the decision to site the fund in South Korea and urged action to fill it.

"The millions of poor people who need help coping with extreme weather events and destroyed harvests cannot afford for another U.N. Climate Conference later this year to close with the question of funding for adaptation still unresolved," Oxfam climate change program manager David Waskow said..