Korea's Ministry of Finance in Sejong City. [Photo by Kim Yoo-jin]
On May 21, Heo Chang, the Second Vice Minister of Finance, stated that combining South Korea's climate technology and development experience with the Global Green Growth Institute's (GGGI) project development capabilities and the Green Climate Fund's (GCF) financial resources could present a new growth model in response to the climate crisis.
He made these remarks during the GGGI-GCF joint conference held at the Four Seasons Hotel in Seoul, which was attended by over 100 participants, including diplomats.
In his opening speech, Heo emphasized that the government is actively pursuing the Korean-style Green Transition (K-GX) to address the climate crisis and is expanding cooperation with international organizations based in South Korea, such as the GCF and GGGI. He expressed the intention to establish a virtuous cycle where climate crisis responses lead to future growth drivers.
He further explained that through the Global Voluntary Carbon Market (GVCM), which is being developed in collaboration with the UN Framework Convention on Climate Change (UNFCCC) and GGGI, the GCF's carbon reduction achievements could be converted into carbon credits, potentially generating new revenue while contributing to both carbon reduction and development funding.
The government plans to strengthen cooperation with major climate and green international organizations located in South Korea. A Ministry of Finance official stated, "We will actively seek ways to enhance collaboration with international organizations such as the GCF and GGGI in the future."
He made these remarks during the GGGI-GCF joint conference held at the Four Seasons Hotel in Seoul, which was attended by over 100 participants, including diplomats.
In his opening speech, Heo emphasized that the government is actively pursuing the Korean-style Green Transition (K-GX) to address the climate crisis and is expanding cooperation with international organizations based in South Korea, such as the GCF and GGGI. He expressed the intention to establish a virtuous cycle where climate crisis responses lead to future growth drivers.
He further explained that through the Global Voluntary Carbon Market (GVCM), which is being developed in collaboration with the UN Framework Convention on Climate Change (UNFCCC) and GGGI, the GCF's carbon reduction achievements could be converted into carbon credits, potentially generating new revenue while contributing to both carbon reduction and development funding.
The government plans to strengthen cooperation with major climate and green international organizations located in South Korea. A Ministry of Finance official stated, "We will actively seek ways to enhance collaboration with international organizations such as the GCF and GGGI in the future."
* This article has been translated by AI.
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