At the Global Green Growth Institute (GGGI) summit in Seoul, South Korea’s Deputy Prime Minister and Minister of Economy and Finance Lee Hyoung-il called for closer cooperation with the institute to connect climate action with economic growth. He highlighted the Global Verified Carbon Market (GVCM), already being developed with GGGI, as a means of converting developing countries’ emissions reductions into internationally usable carbon credits and attracting private investment. The market is being developed under South Korea’s leadership using United Nations Framework Convention on Climate Change standards to support credit reliability and international trading. Implementation plans previously presented on Oct. 12 envisage credits usable in both compliance and voluntary markets, alongside governance arrangements allowing developing countries to participate. Blockchain technology would also be used to record and issue credits. Lee linked the cooperation agenda to the recently announced Korea’s Green Transformation (K-GX) Strategy, which connects decarbonization with the development of green industries. Further cooperation would focus on matching Korean technologies with partner countries’ climate needs, building on projects supported through the Korea Green New Deal Trust Fund.
South Korea’s Ministry of Economy and Finance highlights Global Verified Carbon Market as model for climate cooperation
Speaking at the Global Green Growth Institute summit, South Korea’s Deputy Prime Minister and Minister of Economy and Finance Lee Hyoung-il emphasized the Global Verified Carbon Market as a vehicle for financing emissions reductions in developing countries. The market remains under development, with previously outlined plans covering credits for compliance and voluntary markets, developing country participation in governance, and blockchain use for recording and issuance. Cooperation would also strengthen links between Korean technologies and partner countries’ climate needs.