Joint statement by GCF and GGGI

The Green Climate Fund (GCF) and the Global Green Growth Institute (GGGI) highly appreciate the announcement by President Moon Jae-in on October 28 to commit to achieving carbon neutrality by 2050. The NetZero2050 commitment by the Republic of Korea, the host country for both our intergovernmental organizations, is a significant step in the fight against climate change.

With strong support from GGGI’s President and Chair Mr. Ban Ki-moon, the 8th Secretary General of the United Nations, both GGGI and GCF have offered to support the Government of Korea to meet its net zero emissions pledge.

GGGI and over 35 partner organizations have come together in the Campaign on Blue Skies and NetZero2050 to raise awareness of the air pollution and climate crisis, increase public support for decisive action by the ROK government to commit to NetZero2050, and halt government support for fossil fuel projects internationally. GCF co-hosted an international conference in September with the Korean Ministry of Economy and Finance to discuss the Green New Deal, providing a platform to discuss Korea’s climate policies, and to enhance momentum for green recovery policies in developing countries. The Korean Green Deal, announced by President Moon Jae-in earlier this year, is a unique opportunity to green the recovery from the COVID-19 pandemic and accelerate climate action, demonstrating the path to achieving the net zero pledge.

With the leadership demonstrated by the ROK government on the Green Deal and NetZero2050 pledge, President Moon Jae-in’s invitation to host a head-of-state level P4G Summit in May 2021 has become an important milestone for the international community to come together to ensure a green recovery from the COVID-19 pandemic that can be combined with ambitious nationally determined contributions to the Paris Agreement, ahead of COP26. Both GGGI and GCF are ready to support the ROK government, and work with the international community, to prepare a successful P4G Summit as a contribution to achieving the Paris Agreement goals.