South Korea and GGGI to develop Global Verified Carbon Market

The South Korean government and the Global Green Growth Institute (GGGI) have agreed to collaborate on establishing the Global Verified Carbon Market (GVCM). Announced during the Global Green Growth Summit in Seoul, the initiative aims to transform the greenhouse gas reduction achievements of developing nations into high-trust, internationally tradable carbon credits to attract private investment.

At the summit, South Korean Deputy Prime Minister Lee Hyung-il introduced the ‘K-Green Growth Transformation’ (K-GX) strategy, which seeks to link carbon neutrality with economic growth and job creation. GGGI Secretary-General Kim Sang-hyup noted that green bonds and verified carbon credits can work together to lower initial financing costs and reward actual reduction performance.

The event also highlighted the European Union’s Global Green Bond Initiative, which aims to mobilize up to 20 billion euros in private capital. Additionally, GGGI signed memorandums of understanding with the Credit Guarantee and Investment Facility (CGIF) under the Asian Development Bank and Thailand’s Department of Climate Change and Environment.