[COP26 D-2] "Economy over Carbon" China, India, Australia Pull Back... South Korea Alone Accelerates

China Maintains 2030 NDC Target... No Concrete Schedule for Coal Reduction
International Community Disappointed by Xi Jinping's Absence
India: "Rich Countries Bear Environmental Responsibility"... Australia: "Responding Without Economic Impact"
Biden Administration Returns to Paris Climate Agreement... Leadership Shaken by Domestic Political Backlash
South Korea Dramatically Raises NDC to 40%... Industry Expresses Regret Over Unilateral Decision

[Image source=Reuters Yonhap News]

[Asia Economy Reporters Byunghee Park and Suhwan Kim] The 26th United Nations Climate Change Conference of the Parties (COP26), a turning point for the international community's efforts to reduce carbon emissions and prevent a global climate disaster, is just two days away.

However, as the world's largest carbon emitters such as China and India have presented carbon reduction plans that fall short of expectations, there are forecasts that the conference results will be disappointing. It is also reported that the upcoming Group of Twenty (G20) summit ahead of COP26 will not present a concrete carbon reduction schedule. Amid this, criticism is expected to grow that only South Korea, which declared a 40% reduction in carbon emissions by 2030, is moving too fast.

World's 1st and 3rd Largest Carbon Emitters Step Back

According to Bloomberg News on the 28th (local time), the Chinese government, ahead of COP26, submitted a new '2030 Nationally Determined Contribution (NDC)' that sets a goal to peak greenhouse gas emissions before 2030 and achieve carbon neutrality by 2060.

It also announced plans to gradually reduce coal, which accounts for more than 70% of its carbon emissions, starting in 2026. In fact, this means increasing coal use until 2030.

China's NDC maintains the previously announced plan without presenting a specific schedule for coal reduction.

The international community has emphasized that achieving the 'limit of 1.5 degrees Celsius increase compared to pre-industrial levels' agreed upon in the 2015 Paris Agreement requires active participation from China, the world's largest carbon emitter.

However, China is currently relying on cheap fossil fuels amid a severe power shortage while trying to recover its economy after COVID-19. With President Xi Jinping reportedly not attending COP26, China's announcement of an NDC that essentially maintains the status quo has increased international disappointment.

Meanwhile, India, the world's third-largest carbon emitter, has raised the 'rich countries' responsibility' argument, emphasizing that developed countries bear greater responsibility for climate change, and has not submitted a concrete reduction plan.

On the 27th, India's Environment Minister Bhupender Yadav said, "Rich countries must recognize their 'historical responsibility' for environmental issues." Developed countries, which have caused air pollution while growing their economies, should not impose environmental burdens on developing countries that are just beginning to develop their economies.

R.P. Gupta, a senior official at India's Ministry of Environment, emphasized, "We depend on coal. We will continue to use it."

Bloomberg News also reported that Australia plans not to participate in the methane reduction agreement of 30% by 2020 compared to 2020, which is expected to be agreed upon by 35 countries including the United States and the European Union (EU) at COP26.

Australia has also drawn criticism from developed countries by presenting a carbon reduction plan based on 2050, much later than other major G20 countries.

In particular, Australia has no legislative plans to institutionalize greenhouse gas reductions and intends to continue using fossil fuels to protect its steel industry. Australian Prime Minister Scott Morrison said, "We will respond in a way that does not impact the economy."

Eastern European countries such as Hungary and Poland, which prioritize economic growth, have similar positions.

Hungarian Prime Minister Viktor Orb?n criticized Europe's climate policy at the EU summit on the 21st, saying it is the cause of the energy crisis and called the complete resolution of climate change a "Utopian fantasy."

G20 "Gradual Phase-out of Fossil Fuel Subsidies"... No Concrete Schedule

A draft agreement to be announced at the G20 summit, held for two days from the 30th in Rome, Italy, ahead of COP26, was released on the same day. In the draft, countries pledged to "take immediate action" to comply with the 2015 Paris Climate Agreement.

They also agreed to reduce global methane emissions by at least 30% by 2030 compared to 2020 and to phase out inefficient fossil fuel subsidies by 2025.

[Image source=Yonhap News]

However, while the G20 pledged to adhere to the 1.5-degree Celsius limit on global temperature rise, it did not present a concrete carbon reduction schedule, stating that "carbon reductions will be implemented considering each country's circumstances and capabilities."

Shaken Biden Leadership... South Korea Raises Reduction Target to 40%

Since the inauguration of the Joe Biden administration, the United States has attracted international expectations by rejoining the Paris Climate Agreement but is now facing a leadership crisis amid domestic political opposition.

Biden has led climate change discussions to restore the global leadership of the United States, which was damaged during the Donald Trump administration.

However, since the U.S. has not yet secured funding for climate change measures domestically, it is difficult for President Biden to demonstrate strong leadership at COP26.

[Image source=EPA Yonhap News]

As major countries step back from bold carbon reduction policies, criticism from the domestic industry toward the South Korean government, which raised its carbon reduction target, is also mounting.

On the 18th, the government finalized its NDC, significantly increasing the greenhouse gas reduction target from the previous 26.3% to 40% by 2030.

In response, the Korea Employers Federation issued a statement saying, "Companies are very concerned about policy uncertainty because they do not know the extent of the economic burden they will have to bear in the medium to long term," and expressed regret over the unilateral decision to raise the carbon reduction target.

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