The Ministry of Oceans and Fisheries to Cooperate with the Global Green Growth Institute for Carbon Neutrality

- Conclusion of the Implementation Agreement on Cooperation for Reduction Activities in the Marine Sector between the MOF and GGGI

 The Ministry of Oceans and Fisheries (MOF) announced that it signed the Implementation Agreement on Cooperation for Reduction Activities in the Marine Sector with the Global Green Growth Institute (GGGI)* in Sejong-si to expand cooperation in international greenhouse gas (GHG) reduction projects in the marine sector.

 This agreement was prepared to promote practical GHG reduction projects together after the two organizations agreed* to cooperate to implement the Nationally Determined Contributions (NDC) in 2022. According to the Agreement, MOF will raise USD 300,000 every year, and both organizations will use the fund to identify international reduction projects in the marine and fisheries sector and implement projects to strengthen GHG reduction capacity in developing countries.

 An international reduction project* is project in which a domestic company or non-profit organization implements a GHG reduction project overseas and transfers the reduction performance to the domestic market. Korea announced the 2030 NDC, which aims to reduce national GHG emissions by 40% compared to 2018 by 2030. NDC also established a plan to reduce about 13% of the total GHG emissions using international reduction measures.

 GGGI is an international organization with 48 member countries and expertise in responding to the climate crisis. Cooperation between the two organizations is expected to build an effective foundation for international reduction projects.