'UN Climate Change Conference of the Parties' Opens in UK... Will an 'International Carbon Market Agreement' Be Reached?

Held in Glasgow, UK from October 31 to November 12

[Asia Economy Reporter Joo Sang-don] The Ministry of Environment announced that the 26th United Nations Climate Change Conference of the Parties (COP26) will be held in Glasgow, UK, from 6 p.m. on October 31 (Korean time, 10 a.m. UK time) until November 12.

A total of 197 parties are expected to attend this conference. South Korea will be represented by a government delegation led by Minister of Environment Han Jeong-ae as the chief representative, along with officials and experts from related ministries.

This year marks the first full year of the Paris Agreement’s implementation, and the conference will emphasize strengthened actions and solidarity by the international community to limit the global average temperature rise to below 1.5 degrees Celsius compared to pre-industrial levels.

The host country, the United Kingdom, will hold a special summit on November 1-2 to consolidate the commitment of world leaders to achieving the 1.5℃ target of the Paris Agreement.

At this conference, over 90 agenda items will be discussed in areas such as mitigation, adaptation, finance, and technology transfer. The most critical issue is reaching an agreement on the international carbon market to complete the detailed implementation rules of the Paris Agreement.

After years of negotiations following the adoption of the Paris Agreement (December 12, 2015), most of the rules necessary for its implementation were established at the 24th Conference of the Parties (2018, Poland). However, guidelines related to the international carbon market failed to be adopted due to disagreements among parties on issues such as corresponding adjustments for greenhouse gas emission reductions transferred between countries and the transition of the Kyoto Mechanism (CDM). The 25th Conference of the Parties (2019, Spain) also failed to reach an agreement.

Our delegation plans to play an active role in working with major countries and the Environmental Integrity Group (EIG) to facilitate a smooth agreement on establishing an environmentally sound international carbon market that contributes to achieving national greenhouse gas reduction targets, and on creating a transparent monitoring and reporting system applicable to all countries.

Minister Han’s schedule includes delivering the keynote speech at the opening ceremony, holding bilateral meetings with key environmental cooperation countries such as Australia, Indonesia, and Mongolia, signing memorandums of understanding with international organizations including the Global Green Growth Institute (GGGI) and the Ramsar Convention Secretariat, and attending events promoting Korea’s carbon neutrality policies.

The Ministry of Environment will operate the Korea Pavilion within the Glasgow conference venue from November 1 to 12. The pavilion will host various forums introducing the government’s '2030 Nationally Determined Contribution (NDC) and Carbon Neutrality Promotion Strategy,' and 28 side events organized by 35 domestic institutions will be conducted in a hybrid format combining in-person and virtual participation.

Minister Han stated, "This year is the first year of implementing the Paris Agreement, and the 26th Conference of the Parties must complete the foundation necessary for its implementation. We will strongly communicate South Korea’s commitment to achieving carbon neutrality to the international community and actively contribute to limiting the global average temperature rise to within 1.5 degrees Celsius."

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