Seoul, Republic of Korea, 29 May 2025 —  The Global Green Growth Institute (GGGI) and the Ministry of Economy and Finance of the Republic of Korea (MoEF) signed an amended Memorandum of Understanding (MoU) which extends the duration of the Korea Green New Deal Trust Fund (KGNDTF) until 2030. The MoU amends and expands the original document on Green Growth Cooperation signed on 25 May 2021 and its Administration Agreement of 17 March 2022. 

Signed by GGGI’s Director-General, Mr. Sang-Hyup Kim, and Acting Minister of Economy and Finance, Mr. Beomseok Kim, the document introduces new and expanded areas of collaboration for GGGI and MoEF. These include, for instance, the development, operation of and participation in Global Voluntary Carbon Market Aligned with the Paris Agreement (GVCM), with an emphasis on ensuring environmental integrity of carbon credit transactions. It also expands collaboration to advancing strategic public-private international cooperation initiatives in areas such as greenhouse gas reduction, energy transition, food security, water resource management, and other green/climate domains, focusing on formulating high-level international agendas and swiftly translating them into tangible investments and partnerships.  

By signing an MOU, the Ministry of Economy and Finance (MoEF) and GGGI agreed to cooperate in operating the Global Voluntary Carbon Market Aligned with the Paris Agreement (GVCM). Under this partnership, GGGI will provide support in reviewing various methodologies, designing MRV programs, managing the registration of mitigation projects, issuing carbon credits, implementing pilot projects, strengthening the capacity of market participants, and overseeing the integrity and credibility of projects. 

This expanded agreement evidences the successful partnership between GGGI and MoEF, and marks a significant milestone for their collaboration, and joint commitment to contribute to a low-carbon and climate-resilient green growth.