Korea promises aggressive efforts on climate change

President Park Geun-hye delivers a keynote speech during the U.N. Climate Summit in New York, Tuesday (local time). / Yonhap

By Kang Seung-woo

NEW YORK ― President Park Geun-hye said Tuesday that Korea would actively participate in international efforts to tackle climate change.

As part of the nation's endeavors, Korea will donate up to $100 million (103 billion won) to the Green Climate Fund (GCF) next year, while submitting a plan to support the Post-2020 climate regime, aimed at cutting greenhouse gas emissions.

Park gave an English speech at the U.N. Climate Summit that featured 116 heads of state including U.S. President Barack Obama.

“Climate change is the greatest challenge of the 21st century. All countries need to do their share if we are to limit global warming to two degrees by this century's end. The early capitalization of the GCF is vital to the launch of a new climate regime next year. So we look to your contributions to the fund,” Park said.

The GCF, a U.N. organization aimed at raising funds to curb climate change, opened its secretariat in Songdo, Incheon in December last year.

“The Korean government pledges up to $100 million to the GCF, including the $50 million we are currently paying,” she added.

Park also noted that Korea is nurturing new energy industries to deal with climate change, a key part of her “creative economy.”

“Energy storage systems that supply electricity around-the-clock; smart grid technologies that let plug-ins feed power back into the grid ― these are key examples,” she said.

The President added that Korea will become the first Asian country to implement a nationwide Emissions Trading Scheme, while letting frugal consumers sell saved electricity back to the grid.

In order to tackle climate change, there are three things that need to proceed on several fronts, Park said.

“First, we need to see climate action not as a burden, but as an opportunity. How we view the climate agenda as boon or bane will bring huge differences.”

She also said that technology and market-based solutions should be at the center and all countries need to be on board.

“For developing countries, however, cutting CO2 can be a burden. To help them invest in needed capabilities and build markets, the developed world should transfer technology and know-how,” Park said.

Under the Kyoto Protocol, which was adopted in 1997, advanced countries are obliged to cut their greenhouse gas emissions. Its first phase expired in 2012, and the agreement was later extended until 2020, raising the need for a new regime in light of the approaching deadline. In climate talks, reducing greenhouse gas emissions and providing support for such efforts are two major themes.

Meanwhile, Park said Monday that South Korea would continue its humanitarian support to North Korea although the latter has yet to respond to Seoul's call for a high-level meeting.