Hong Nam-ki, Deputy Prime Minister, Emphasizes "Climate Change Requires Policy Mix Tailored to Each Country's Situation"

Attendance at the United Nations Climate Change Conference of the Parties (COP26) Held in the UK

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki (left), visiting Glasgow, Scotland, UK to attend the 26th United Nations Climate Change Conference of the Parties (COP 26) Climate Action Finance Ministers' Meeting, is taking a commemorative photo with Patricia Espinosa, Executive Secretary of the UNFCCC (right), after signing the 'Korea-UNFCCC Cooperation MOU' at the Scottish Event Campus (SEC) on the 3rd (local time).

[Sejong= Asia Economy Reporter Kim Hyunjung] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, emphasized to the international community that “strengthening climate action requires the optimal combination of policies tailored to each country’s circumstances.”

On the 3rd (local time), Hong attended the Finance Day event at the 26th United Nations Climate Change Conference of the Parties (COP26) in Glasgow, UK, and made this statement. COP26 is the first Conference of the Parties held in two years due to the spread of COVID-19. As the host country, the UK held Finance Day by inviting finance ministers and related officials from major countries, recognizing the increasing importance of discussions on climate finance and climate-related financial disclosures within the climate change financial track.

At the meeting of the Climate Action Finance Ministers’ Coalition, Hong emphasized the importance of ▲policy coherence ▲public-private cooperation ▲international cooperation to strengthen climate action within the financial track. At this event, he said, “It is necessary to utilize finance, market mechanisms, and regulations to find the optimal policy mix suited to each country’s situation,” and introduced various Korean systems such as the Green New Deal, greenhouse gas reduction recognition budgeting system, and emissions trading system.

He also proposed, “Let us focus on establishing an institutional foundation to create a sustainable low-carbon ecosystem in the private sector,” and stated, “Korea is also making active efforts such as the phased mandatory disclosure of corporate environmental financial information and the establishment of a green taxonomy.”

He continued, “Active participation of all countries worldwide is essential to respond to climate change,” and added, “For this, the creation of climate finance to support developing countries is important.”

Regarding his attendance at this meeting, he wrote on his Facebook, “There is a Scottish proverb that says, ‘Instead of blaming the darkness, light a small candle.’ It is very difficult to put climate response and carbon neutrality into action and achieve results, but I believe that each small candle we light today can bring about great changes that brighten the future.” He added, “The government will do its best to successfully navigate our country’s journey toward carbon neutrality in response to the huge wave of low-carbon economic transition.”

On this occasion, Hong signed an MOU with Patricia Espinosa, Executive Secretary of the United Nations Framework Convention on Climate Change Secretariat, to provide 3 billion KRW in support for technology assistance and capacity building related to climate response projects for developing countries. He also held a bilateral meeting with Nikolaj Vammen, Danish Minister of Finance.

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