South Korea will increase its annual contribution to the Global Green Growth Institute (GGGI), a Seoul-based international green growth body, in a bid to help developing countries fight climate change, the foreign ministry said Tuesday.
Foreign Minister Park Jin plans to visit the GGGI headquarters Wednesday to sign a memorandum of understanding offering an annual contribution of US$12 million, up from the current $10 million, according to the ministry.
"The decision to increase our annual contribution from the current $10 million reflects the government's commitment as a global pivotal state to actively support the low-carbon and eco-friendly transition of developing countries," Lim Soo-suk, the ministry's spokesperson, said during a press briefing.
The GGGI was launched in October 2012 as an international entity to support developing countries' efforts to shift to environmentally-sustainable economic growth models.
Source: Yonhap News Agency