South Korea and the Asian Development Bank (ADB) have agreed to establish a climate technology hub called ADB-Korea Climate Technology Hub (K-Hub) in Seoul. Finance Minister Choo Kyung-ho and ADB President Masatsugu Asakawa signed the deal during the 56th Annual Meeting of the Board of Governors of the ADB in Incheon's Songdo district. The K-Hub will act as a base for a global climate change network and will consist of climate experts from both the public and private sectors. It will support ADB member countries in the Asia-Pacific region by sharing policies and knowledge related to climate change. This is the first regional unit of the Manila-based international organisation in Korea. The ADB aims to raise the quota for climate financing to its developing member countries to a total of USD100bn by 2030, while Korea has promised to participate in more ADB-led projects.