On Saturday, October 20, 2012, IFEZ announced that Songdo International City had been confirmed as the host city for the Secretariat of the Green Climate Fund (GCF). The Green Climate Fund is an international financial institution that supports greenhouse gas reduction and climate change adaptation in developing countries, and the second Board meeting selected Incheon Songdo as the host city through a vote held at Songdo Convensia. IFEZ expected that this achievement would enhance Songdo International City’s status as a hub for international organizations and generate ripple effects such as occupancy of I-Tower and increased demand for international conferences, tourism, and financial services.