- Policy Information
- Green Growth
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Green Growth and Multilateral International Diplomacy
The term Green growth means growth achieved by saving and using energy and resources efficiently to reduce climate change and damage to the environment, securing new growth engines through research and development of green technology, creating new job opportunities, and achieving harmony between economy and environment (Framework Act on Low Carbon, Green Growth, Article 2).
The Korean government is vigorously exerting efforts to disseminate the green growth agenda in the global community. The Global Green Growth Institute(GGGI), an international organization Korea played a leading role in establishing, increased its membership to 27 states, with Thailand’s and Peru's joining in 2016. GGGI is now assisting around 25 developing countries, including the Philippines, Mongolia and Ethiopia, for the development and implementation of green growth strategies. Furthermore, GGGI has strengthened its cooperation with other international organizations and enhanced its international profile by launching the Inclusive Green Growth Partnership with multilateral development banks and UN regional economic and social commissions in December 2015. The Korean government is actively participating in GGGI’s overall decision making process through GGGI meetings and frequent consultations with the GGGI Secretariat and member states. In addition, the Korean government is actively supports the GGGI in its successful implementation ofits mid-and long-term strategic plan(2015-2020) for the improvement of the organization's competency and its adaptation to the chaning international environment with the adaption of the Sustainable Development Goals(SDGs) and the Paris Agreement. The Korean government is encouraging new membership and contributions to GGGI on important diplomatic occasions, such as bilateral meetings and joint commissions, international conferences, etc. Also, in the years ahead, Korea will continue to support GGGI to develop as a competitive international organization leading global green growth.
In addition, the Korean government is strengthening bilateral cooperation with major green growth partner countries. Korea and Denmark established the Korean-Danish Green Growth Alliance in May 2011, the first alliance of its kind, and have held annual Korean-Denmark Green Growth Alliance Meetings. The 6th Meeting of the Korean-Denmark Green Growth Alliance(Prime Ministers of Korea and Denmark) was held in Seoul in October 2016. During the meeting, ways and means of exchange and cooperation between the governments, research institutions and private entities of Korea and Denmark were discussed, including signing of 10 Memoranda of Understandings for Cooperation.
To this day the Republic of Korea has joined a number of leading international conventions on the protection of environment such as the Convention on Biological Diversity(CBD, signed in 1994), the Convention on International Trade in Endangered Species of Wild Fauna and Flora(CITES, signed in 1993), the United Nations Convention to Combat Desertification in Those countries Experiencing Serious Drought and/or Desertification, Particulary in Africa (UNCCD, signed in 1994), the Ramsar Convention on Wetlands(signed in 1997), and the International Tropical Timber Organization(ITTO, signed in 1985), and those on the management of chemical and toxic substances such as the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal(signed in 1994), the Rotterdam Convention on the Prior Informed Consent Procedure for Certain Hazardous Chemicals and Pesticides in International Trade(signed in 1999), the Stockhlom Convention on the Persistent Organic Pollutants(signed in 2001), the Minamata Convention on Mercury(signed in 2014), and those on the protection of marine environment and resources such as the agreement on Port State Measures to prevent, Deter and Eliminate Iilegal unreported and Unregulated Fishing(Signed in 2016). The Republic of Korea actively takes part in the discussion of global environmental issues like the protection of biodiversity, sustainable use of resources, marine ecosystem and international management of chemical and toxic substances through these conventions.
The Parties to the Paris Agreement adopted in December 2015, set a global goal of USD 100 billion per year to finance mitigation and adaptation plans, and decided that the Green Climate Fund (GCF) and the Global Environment Facility(GEF) will be the operational entities for climate financing. In particular, the GCF, headquartered in Korea, began its full operation in November 2015 by approving eight funding proposals for mitigation and adaptation in developing countries. GCF has approved in total 43 projects amounting to USD 7.3 billion, and is financing USD 2.2 billion. The Korean Govermnet is contributing USD 100millions to the GCF and supporting the smooth operation of the secretariat. Also, the ministry is actively supporting the participation of Korean companies in GCF projects in developing countries.