Han Jeong-ae: "We Will Lead International Discussions on Carbon Neutrality Through the P4G Summit"

Minister of Environment Han Jeong-ae. (File photo)

[Sejong=Asia Economy Reporter Joo Sang-don] Minister of Environment Han Jeong-ae stated on the 1st, "Going forward, our country will actively lead discussions on achieving carbon neutrality through inclusive green recovery based on the outcomes of the 2021 P4G Seoul Green Future Summit."

On this day, Minister Han made these remarks during a briefing on the results of the 2021 P4G Seoul Green Future Summit at the Government Seoul Office, together with Minister of Foreign Affairs Chung Eui-yong.

Minister Han evaluated that through this P4G Summit, Korea promised the international community enhanced climate and environmental action plans to support green recovery in developing countries and achieve carbon neutrality. Korea emphasized the need for technology sharing and support for developing countries to implement green growth and carbon neutrality, urging the expansion of the Korean government's cooperation projects with developing countries and the participation of the international community. Furthermore, based on Korea's experience of achieving economic growth from being one of the poorest countries to implementing the Green New Deal, it was decided to expand the proportion of climate and environmental official development assistance (ODA) to developing countries to at least the average level of the Organisation for Economic Co-operation and Development (OECD) (28.1%).

Along with this, a new Green New Deal fund trust of approximately 5 million USD annually will be established for the Global Green Growth Institute (GGGI), which supports tailored green growth for developing countries, and 4 million USD annually will be newly contributed as a P4G contribution. Minister Han evaluated, "This signifies that our support to developing countries is not merely financial aid but supports sustainable growth and climate response capacity building in climate-vulnerable countries, and through P4G projects emphasizing public-private cooperation, lays the foundation for Korean companies to enter the green industry."

At this P4G Summit, Korea also reiterated its commitment to implementing carbon neutrality. Korea plans to further raise its 2030 Nationally Determined Contribution (NDC) as an interim target for achieving carbon neutrality by 2050 and announce it at the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) this November. Based on the carbon neutrality scenario, Korea plans to establish key implementation strategies within the year, including expanding eco-friendly energy and sector-specific technological innovation measures for buildings, transportation, and other sectors.

Korea also pledged to actively cooperate in international efforts to restore the value of biodiversity, which is the most vulnerable area to the climate crisis and a major carbon sink. Korea plans to join the "Leaders’ Pledge for Nature," a comprehensive commitment to biodiversity conservation, the "Coalition for Biodiversity Areas Expansion," which aims to designate 30% of global terrestrial and marine areas as protected zones by 2030, and the "Global Ocean Alliance."

Minister Han said, "Taking this summit as an opportunity, we expressed our intention to host the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in 2023, the largest international conference in the climate and environmental field." He added, "This expresses Korea’s determination to lead international discussions for realizing a carbon-neutral society, and we will promote our hosting capabilities to major countries and proceed with hosting activities."

This content was produced with the assistance of AI translation services.