By Chung Suh-Yong, nonstate acting member of the GGGI Council
At first glance, international agencies the Green Climate Fund and the Global Green Growth Institute, both of which are based in Korea, might seem like two different “animals,” despite both being based in the Seoul area.
The GCF will be channeling finances from the public to the private sector while the GGGI stands ready to implement all available financial resources to promote a low-carbon green economy. Both need to consider the synergies of a partnership if their work is to reach maximum potential.
For the GCF, partnering with the GGGI would help enable it to achieve its goals of contributing to global emissions reductions and adapting to the major development challenges posed by climate change.
The GCF needs to invest and disburse financial resources to initiatives that demonstrably promote its new business model. Mobilizing financial resources and identifying the right actors to implement comprehensive low-carbon green growth plans would be a key to success.