‐ The GGGI will be officially launched at the East Asia Climate Forum on 16 June 2010 .
‐ The GGGI will evolve into an international organization by 2012 based on an intergovernmental

    treaty.

 
The Korean government approved the budget plan for the GGGI during the cabinet meeting on May 18th and thereby has come a step closer to launching the Global Green Growth Institute (GGGI), an organization that aims to systematize various theories on Green Growth and disseminate Green Growth models around the world.

Prior to the cabinet meeting, the GGGI gained legal status as a non‐profit organization following the initiators’ meeting on May 12th and the completion of all necessary authorization and registration procedures on May 14th.

The GGGI will be officially launched on June 16th at the East Asia Climate Forum which will be attended by renowned experts and high ranking government officials from both home and abroad. The Korean government plans to expand the GGGI by opening regional offices in major cities as well as increasing its staff by 2011 and then further develop the institute into an international organization by 2012 based on an intergovernmental treaty.

Since the President first announced his plans for establishing the GGGI during his keynote speech at the UNFCCC COP 15 on 17 December 2009, many governments, international organizations including the UN and the OECD as well as various international NGO’s have demonstrated great interest in the institute.

The GGGI will study and develop green growth strategies and policies, which link greenhouse gas mitigation with economic growth, to provide methodological support to the international activities to address climate change. The purposes of GGGI activities are: to build a systematic green growth theory as a new global growth paradigm; to spread the green growth model around the world; and to provide support to developing countries in their endeavors to develop their own green growth plan.

An official from the Blue House (Office of the President) explained that “whereas the Intergovernmental Panel on Climate Change (IPCC) has contributed to the scientific inquiry on the causes of climate change during the past 20 years, the GGGI will be a ‘creative’ organization that focuses on resolving challenges by simultaneously reducing greenhouse gas emissions and promoting economic growth.” He emphasized that the institute will be “a new international organization of the 21st century based not only on the partnership between developed and developing countries but also between private and public sectors.

The official also added that the “GGGI holds great significance as it will be the first international organization headquartered in Korea and established under Korean initiative.”

During the cabinet meeting, the President pointed out that “considering the GGGI attaches much importance to green growth as a valuable asset not only for Korea but also for the international community, all ministries should provide unsparing support.” He further emphasized that “what is required to achieve the purposes and objectives of the GGGI are clear vision; recruiting talented staffs from all around the world; sound operational procedure based on international standards; and strong sense of vocation for serving the global community in this era of climate change.”

The President also added that “the GGGI aims at transforming itself into an inter‐governmental organization based on a treaty. Thus, it is very important to take the spirit of ‘global partnership’ and shape the institute with our colleagues of the world. Now is the time for us to break away from closed mindset focusing on Korean Peninsula.”

The GGGI will operate on a global basis with its headquarters in Seoul and several regional offices in other countries. It also aims at shaping a network‐structure through active interaction with many partner organizations both at home and abroad.

The initial board of directors is comprised of 6 directors including Dr. Han Seung‐soo, former Prime Minister of the Republic of Korea and renowned figures such as Sir Nicholas Stern, professor of LSE, UK, and Thomas Heller, professor of Stanford University, USA.

Shin Kak‐soo, Vice Minister of Foreign Affairs and Trade and Kim Sang‐hyup, Secretary to the President for the Future and Vision will serve as directors on behalf of the government of Korea, and Andreas Merkl, Director of Global Initiative of Climate Works will also serve as a director. It is planned that renowned figures from 4‐5 countries will be nominated as directors and major positions including Executive Director will be recruited among talented persons with global‐level capabilities.

The Korean government will take the initiative to provide funding for the GGGI, $10 million on an annual basis for 3 years. It will also endeavor to seek additional funding from other governments and foundations to secure international funding sources.

Currently, the GGGI is discussing with several European and Middle Eastern countries about increasing cooperation on staff recruitment plans and funding. And NGOs such as the Climate Policy Initiative have expressed their interests in the GGGI.