The President speaking before the East Asia Climate Forum in Seoul on Wednesday (Jun. 16).

The President declared the establishment of a Global Green Growth Institute (GGGI) at the East Asia Climate Forum 2010 on Wednesday (Jun. 16). Some 500 officials from home and abroad gathered for the forum.

In his keynote speech at the Silla Hotel in Seoul, the President promised to form a global network and develop the institute into a full-fledged international organization by 2012. He further pledged to provide full assistance for the newborn institute.

The GGGI is expected to serve as a base for the development and spread of green technology in the international community. The idea for such an institute was first proposed by the President at the Climate Change Summit meeting in Copenhagen, Denmark, late last year. If the GGGI becomes a fully international organization, it would be the first of its kind to be established at Korea’s instigation and headquartered in Korea.

The President then suggested holding an annual Global Green Growth Conference linked with the East Asia Climate Forum, where countries can share their exemplary cases of green growth and green technology. Further stressing the importance of market-driven green growth, the president underlined that “the Republic of Korea will continue to expand its R&D budget for green technology and fine-tune tax and financial policy to create more green corporations and jobs.”
 

The President at the East Asia Climate Forum in Seoul on Wednesday (Jun. 16)

UN Secretary-General Ban Ki-moon in a video address to the forum congratulated the launch of the Global Green Growth Institute and expressed the hope that the new body will contribute to the United Nations’ efforts to accelerate sustainable development and strengthen global partnerships for the common good.  

Sir Nicholas Stern, a professor at the London School of Economics, pointed out that climate change is a crisis and an opportunity at the same time to seek new energy sources and new means of production. He added that it is important that the GGGI secure enough capacity to propose meaningful methods for the green growth to the world.

The GGGI will be run by budget contribution from participating nations and organizations. The Korean government revealed its plans to provide the GGGI with 10 million dollars per year for the next three years. Several other overseas organizations are also showing an interest in giving funding, including the two private environment organizations the Climate Works and the Climate Policy Initiative (CPI), which each decided to extend one million dollars for the running of the institute.

Meanwhile, the first executive meeting of the GGGI was held the previous day, attended by the initial board of directors for the GGGI that includes former Prime Minister of Korea Dr. Han Seung-soo, Sir Stern, Stanford University Professor Thomas Heller, Vice Minister of Foreign Affairs and Trade Shin Kak-soo and Secretary to the President for Future and Vision Kim Sang-hyup. They decided to form an executive committee of about 15 members and also seek someone to fill the position of executive director.

Amongst other projects, the GGGI will develop models for analysis of potential for greenhouse gas reduction jointly with Oxford University.