Global Green Growth to make landmark first step

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Global Green Growth to make landmark first step

The Global Green Growth Institute is to take an important step forward next week, according to Ministry of Foreign Affairs and Trade officials yesterday.

A total of 14 countries are set to sign an accord to convert the GGGI into an international organization in Rio de Janeiro next Wednesday, the officials said.
The Seoul-based institute was set up by the Korean government in June 2010 with the aim to lead global efforts for sustainable economic growth.

The signing will be made on the occasion of the United Nations Conference on Sustainable Development, or Rio+20, which will kick off its three-day meeting on June 20. President Lee Myung-bak, who initiated the institute, will attend the Rio+20 summit.

Korea and seven other international donors such as Australia, Denmark, the UAE, Mexico, the United Kingdom, Norway and Qatar will sign the accord, the officials said. Aid recipient countries Ethiopia, Vietnam, the Philippines, Papua New Guinea, Costa Rica and Cambodia will also attend the signing.

“With the signature, the GGGI is declaring the official transformation from a foundation based on the civil law of the Republic of Korea into an international organization enlivened by the international law,” said a senior official of the ministry.

It will be the first international organization to be established on the initiative of Korea. The International Vaccine Institute, founded in Seoul in 1997, was the initiative of the United Nations Development Program. The Trilateral Cooperation Secretariat established in the Korean capital last year was the work of the coordination of Korea, China and Japan.

There are remaining procedures for the GGGI’s transformation into an international organization, including the implementation of the establishment accord in the countries involved. Seoul may need National Assembly approval for the transformation of the body into an international body, according to the officials.

Korea, as the host country, is required to shoulder $15 million worth of GGGI’s funding over the course of three years, the officials said. Some other donor members will contribute the same amount to the institute, they said.

But, the relaunch of the organization as an international body will be completed by October and its inaugural general meeting will likely be held in late October, the officials said. At least six more countries are expected to join as members of the GGGI by October, they said.

The GGGI has operated green growth projects in 10 developing countries. It signed an MOU with the UNEP, OECD and the World Bank for cooperation early this year.

By Moon Gwang-lip [joe@joongang.co.kr]
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