MOUs signed with GGGI, ICVCM; ministry says GVCM issuance body to be established next year

Moon Ji-seong (third from right), director general for international economic affairs at South Korea's Ministry of Economy and Finance, poses for a photo after signing a letter of intent for joint cooperation on the GVCM at the 31st Conference of the Parties to the UN Framework Convention on Climate Change in Antalya, Turkey, on Saturday (local time). [Ministry of Economy and Finance]
Moon Ji-seong (third from right), director general for international economic affairs at South Korea's Ministry of Economy and Finance, poses for a photo after signing a letter of intent for joint cooperation on the GVCM at the 31st Conference of the Parties to the UN Framework Convention on Climate Change in Antalya, Turkey, on Saturday (local time). [Ministry of Economy and Finance]

Eight countries, including Singapore, have expressed their intent to join the Global Verified Carbon Market (GVCM), a high-integrity carbon market initiative led by South Korea. With the latest additions, the total number of signatories to the GVCM cooperation letter of intent stands at nine: South Korea, the Dominican Republic, Morocco, Burkina Faso, Sri Lanka, Singapore, Uganda, Côte d'Ivoire and Paraguay.

According to the Ministry of Economy and Finance on Sunday, the nine countries signed the joint cooperation letter of intent on Saturday (local time) at the 31st Conference of the Parties to the UN Framework Convention on Climate Change, held in Antalya, Turkey.

The GVCM is a multilateral carbon market framework the government is developing to provide common carbon credit issuance standards and infrastructure that multiple countries can use jointly to reduce greenhouse gas emissions.

Companies will be able to use the framework to pursue greenhouse gas reduction projects in developing countries, generate carbon credits and trade them on international carbon markets.

Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il said in a video opening address that the GVCM is "a platform built together by reflecting the diverse experiences and development needs of participating countries," adding that it "carries great significance as a new multilateral model in which three or more countries participate simultaneously — not a bilateral arrangement."

The ministry also signed a trilateral memorandum of understanding with the Global Green Growth Institute (GGGI) and the Integrity Council for the Voluntary Carbon Market (ICVCM) to enhance the credibility and quality of the GVCM.

The three organizations will pursue knowledge sharing on Core Carbon Principles (CCPs) and provide education and training for GVCM participating countries to improve the market's quality.

Moon Ji-seong, director general for international economic affairs at the ministry, said the MOU signing was an opportunity to raise the quality of the GVCM by sharing ICVCM's expertise and experience.

The ministry said it plans to complete the establishment of the GVCM issuance body next year and will work to bring in more countries, international organizations and private institutions going forward.


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