South Korea on Wednesday signed a memorandum of understanding (MOU) with the Global Green Growth Institute (GGGI) to offer US$12 million this year to the agency’s efforts to help developing nations fight climate change, Seoul’s foreign ministry said.

The MOU was signed by Foreign Minister Park Jin and Frank Rijsberman, GGGI’s director-general, at the international institute based in Seoul. This year’s contribution to the agency from South Korea represents a 20 percent increase from last year.

Park said the increase signals Seoul’s commitment as a global pivotal state to actively support the low-carbon and eco-friendly transition of developing countries. Rijsberman said his agency plans to offer related support to developing nations through consultations with South Korea.

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