Approval of the Ratification Bills for the ROK Government’s Headquarters Agreements with the GCF and the GGGI

1.The ratification bills for the Headquarters Agreements between the government of the Republic of Korea and the Green Climate Fund (GCF) and between the ROK government and the Global Green Growth Institute (GGGI) were passed at the plenary meeting of the extraordinary session of the National Assembly on June 25. 

○ The GCF Headquarters Agreement was signed in Incheon on June 10, while the GGGI Headquarters Agreement was signed in Abu Dhabi on January 17. The approval of their ratification bills marks the completion of domestic procedures. The Agreements will take effect after the approval is notified to the relevant parties.

2. The Headquarters Agreements grant the GCF and the GGGI legal status as well as privileges and immunities to the headquarters and their staffs. As such, the Agreements will serve as a legal foundation facilitating smooth operation in line with their purposes.

* The GCF, upon the entry of its Headquarters Agreement into force, will put into full gear preparations to open its secretariat in Songdo, Incheon.

3. The GCF and the GGGI are important international organizations that support developing countries’ efforts to fight climate change and achieve paradigm shift to low-carbon economy. To this end, they will provide assistance in various aspects, including policies, strategies, financial resources and technology transfer. They are expected to contribute greatly to easing climate change, a global threat, and sustainable development of developing countries.


GGGI Wins an ODA-eligibility Status

1. The Global Green Growth Institute (GGGI), which became an international organization in 2012 under the leadership of the government of the Republic of Korea and with the support of the international community, was accorded an ODA (official development assistance)-eligibility status at the meeting of the Working Party on Statistics of the Development Assistance Committee (DAC) under the Organization for Cooperation and Development (OECD) in Paris, France, on June 13. 

○ The ROK, together with Norway, Denmark and Australia, had requested on February 28 that the OECD/DAC consider including the GGGI on the list of organizations eligible for ODA.

2. The status was granted to the one-year-old GGGI in recognition of its role in creating synergy effect in aid projects for developing countries by seeking cooperation among the public and private sectors of developed and developing countries and bringing together theories and practice in the green sector.

3. The fact that the GGGI became an ODA-eligible international organization reflects the international community’s recognition of the Institute as a full-fledged international organization that supports developing countries’ efforts to establish and implement green growth policies and counter climate change.

4. Financial contributions to the GGGI from countries will be counted as ODA contributions. An increasing number of donor countries are expected to take part in the GGGI activities, which, in turn, will likely contribute to its advancement toward a more stable organization.