Public support for climate finance to developing countries: a contingent valuation study in South Korea

This study investigates public support in South Korea for climate finance directed to developing countries, using contributions to the Green Climate Fund (GCF) as a tangible and policy-relevant proxy. A nationally representative contingent valuation survey was conducted, employing a double-bounded dichotomous choice format and the Spike model to capture both positive and zero willingness to pay (WTP) responses. The analysis reveals that the average annual WTP among South Korean households is KRW 5,291 (USD 3.87), with a statistically significant yet modest proportion of zero WTP respondents. To assess policy implications, a cost–benefit analysis was conducted using a conservative five-year benefit window and a 4.5% social discount rate. The resulting benefit–cost ratio of 1.39 suggests that perceived public benefits outweigh national costs. Although South Korea is not formally obligated under the current international climate finance regime, its continued voluntary commitments–underpinned by public support–underscore the growing relevance of middle-power engagement in global climate governance. As climate finance expands under the New Collective Quantified Goal (NCQG), it becomes particularly vital to understand domestic drivers of support in emerging donor countries like South Korea. This study, the first to empirically estimate South Korean public WTP for climate finance, contributes to the literature by situating public sentiment within policy and economic contexts, while also offering a methodological reference for future contingent valuation studies in comparable settings. These findings provide empirical and policy insights, emphasizing the importance of contribution levels and public engagement to legitimize and sustain commitments.