Australia today became a founding partner of a new international organisation, the Global Green Growth Institute (GGGI), which is designed to promote green growth partnerships between governments, business and NGOs.
Prime Minister Gillard and President Lee of South Korea were present to witness the signature by Australia's Ambassador to Brazil Brett Hackett and South Korean Foreign Minister Kim Sung-hwan of a treaty to establish the new organisation at the United Nations Conference on Sustainable Development in Rio de Janeiro, Brazil (Rio+20).
The agreement marks the GGGI's evolution into a fully-fledged international organisation that will promote partnerships across developing and developed countries, experts, academics and the private sector to pursue models of sustainable, climate-resilient development. Speaking at the Rio+20 conference in Brazil, the Prime Minister said Australia was proud to be working alongside our core partners, the Republic of Korea and Denmark, in establishing this hub for green growth. The Government believes the GGGI has the ability to deliver tangible results by shifting markets in developing countries on to green, low carbon pathways. The GGGI was originally created in 2010 by the Republic of Korea as a non-profit institution to support the creation and diffusion of sustainable economic development.
As a core partner of the Institute, Australia has strongly supported the Republic of Korea in converting the GGGI to an international organisation and has committed AUD$10 million over the 2011-12 and 2012-13 financial years.
Australia's international participation in the GGGI complements domestic efforts to achieve low carbon economic growth and mitigate climate change.
Australia's Clean Energy Future package, which will see a price on carbon start on
1 July 2012, is supported by the Republic of Korea's legislative decision to implement its own emissions trading scheme.
The Clean Energy Future package will also encourage investment in research and development in renewable energy through the Australian Renewable Energy Agency.
The GGGI is headquartered in Seoul and has regional offices in Copenhagen, Abu Dhabi and London.