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GLOBE-Net (December 20, 2009) - the Government of South Korea has announced a plan to establish a global Think Tank to advocate low-carbon, green growth strategies to the world in an effort to fight climate change while pursuing economic development.

In his keynote address at the Copenhagen Climate conference, President Lee Myung-bak announced plans to open the Global Green Growth Institute during the first half of next year. He said the world agrees on the need to reduce greenhouse gas emissions, and the Copenhagen conference should focus on "how" to do so.

"And I hope to share this with all of you," Lee said according to the text of the English-language speech provided by the Blue House. "This is one reason why Korea will establish a Global Green Growth Institute, or GGGI, during the first half of next year. The GGGI will help all of us share our experiences and know-how with each other."

Lee said renowned experts at home and abroad have already agreed to participate in the think tank. The Blue House said that members of the institute will include Nicholas Stern, chairman of a climate change institute at the London School of Economics; Thomas Heller, a professor emeritus of international legal studies at Stanford Law School and head of the Climate Policy Initiative; Hal Harvey, the chief executive of the Climate Works Foundation; and Eric Beinhocker, a senior fellow at the McKinsey Global Institute.

Prior to attending Copenhagen conference, Lee discussed the current development and Korea's role in the negotiations with U.N. Secretary General Ban Ki-moon through a video conference in Seoul.

In the conference, urging industrialized countries to recognize their historical responsibility for climate change and to do more to help developing nations reduce emissions, Lee said that industrial countries need to provide developing countries with a way they can grow while reducing greenhouse gas rather than simply demanding emissions cuts.

In a video conference, Ban acknowledged Seoul's voluntary commitment to reduce emissions and expressed his expectations for the nation to play a leading role in producing meaningful results at the conference.

As Ban mentioned, the Korean government had announced last month that it will aim at a 30 percent cut from its forecast greenhouse gas emissions in 2020, equivalent to a reduction of 4 percent of 2005 levels. It is the highest level recommended by the Intergovernmental Panel on Climate Change for developing and emerging countries.

Regarding the plan President Lee presented recently, there still are concerns about it not only among domestic industries but in Government itself that even if Korea can manage to stay off the list of Annex 1 nations, sticking to Lee's voluntary pledge will be difficult.

Knowledge Economy Minister Choi Kyung-hwan stated that the goal may put too great a burden on Korea's economy, making it lose jobs to China and other competitors.

``Many in the business community still continue to express serious concern that we may lose our competitive edge," Choi told journalists in late November. "Some say the burden would deal a fatal blow to our growth potential. Many businessmen are voicing their concerns that local energy-intensive sectors including steel and petrochemical firms would lose out (to the Chinese)."

Despite the concern about the aggressive Green House Gas reduction goal, President Lee is expected to support it, as is seen in making its bid to host a climate summit slated for 2012 in an attempt to promote the nation's green growth strategy to the international community.

Korea will host a Group of 20 Summit in November next year according to a decision reached at the third G20 meeting held in Pittsburgh. Canada will host the fourth meeting in June 2010, and Korea will host the fifth later in the year.

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