The Ministry of Finance and Economy of the Republic of Korea (MOFE) and the secretariat of United Nations Framework Convention on Climate Change (the secretariat) signed a contribution agreement in May 2025 to support the development of a global carbon market aligned with the Paris Agreement. Under the contribution agreement between MOFE and the secretariat to support Global Voluntary Carbon Market aligned with the Paris Agreement project (the Project), the secretariat provides technical assistance and capacity-building support to the Government of the Republic of Korea, its potential partner countries, and relevant stakeholders in the Korean private sector and civil society. Based on the project, MOFE is launching “Global Verified Carbon Market (GVCM)” initiative with participating countries.
The event aims to promote a shared understanding of the importance of developing high-integrity carbon markets consistent with Article 6 of the Paris Agreement and contributing to global mitigation efforts. Specifically, the event will: present the planned activities of the GVCM initiative; facilitate an exchange of views on developing high-integrity carbon markets aligned with the Paris Agreement; and explore opportunities for collaboration between the Republic of Korea and partner countries to advance high-integrity carbon market practices.
The programmed comprises two events: (i) A joint side event co-organized by UN Climate Change, MOFE and GGGI to exchange view on developing high-integrity carbon markets aligned with the Paris Agreement; and (ii) The launch of a plurilateral partnership under the GVCM initiative.
