Partnering with Korea for a green economy of the future

By Marcel Beukeboom and Tomas Anker Christensen

The year 2021 is of particular significance for the relationships between Denmark, the Netherlands and Korea. It marks the 60th anniversary of diplomatic ties between the Netherlands and Korea, as well as the 10th anniversary of the strategic partnership between Denmark and Korea, that focuses on sustainability and energy transition.

Also, Korea is hosting the P4G (Partnering for Green Growth and the Global Goals 2030) Summit despite the difficult circumstances caused by COVID-19. Korea, Denmark and the Netherlands are all active members.

We as climate envoys of Denmark and the Netherlands are excited that Korea is organizing the P4G Summit, which will be an important event in the run-up to COP26 (the 26th U.N. Climate Change Conference) in November. Our governments are proud sponsors of the P4G, and our prime ministers will participate live in the Leaders' Dialogue.

The summit also fits well in a series of international events on climate change at the highest level, among others the Climate Adaptation Summit in January hosted by the Netherlands, the Leaders' Summit on Climate in April in the United States and COP26 in the United Kingdom in November. The outcome of COP26 will be essential in ensuring that we are on the right trajectory toward the goals of the Paris Agreement.

All of our countries are frontrunners in making our societies become better and greener. Green recovery packages have been proposed: the ambitious Korean Green New Deal and the European Green Deal, to name just two.

Some of the biggest economies worldwide belonging to the G7 and G20 increased their climate ambitions. We commend the government of Korea for announcing carbon neutrality in 2050. We think this measure will provide a vital long-term perspective to Korea's climate policy. We also congratulate Korea with its recent step, the announcement of ending the public financing of overseas coal projects.

Korea is the first Asian country to fully commit to this move. And we anticipate great leadership from Korea as the country affirmed to announce an enhanced Nationally Determined Contribution (NDC) in early October. We hope others will follow its lead as Korea has started to stand out as a climate frontrunner in Asia.

Climate action cannot wait. This decade will be decisive for the future of the climate. The recent International Energy Agency (IEA) Net Zero Roadmap once again confirmed these findings and highlighted the crucial role that Organization for Economic Cooperation and Development (OECD) countries play in raising our ambitions to stop climate change. Currently, Korea's NDC aims at a 24 percent reduction by 2030, compared to 2017 levels. For a highly developed country, this reduction goal is not yet sufficient to reach the Paris Agreement goals. In comparison, the European member states have legally committed to a 55 percent reduction by 2030, to return to below 1990 levels.

Against this backdrop, we as climate envoys invite Korea to align with efforts to limit the global average temperature increase to 1.5 degrees Celsius and follow the lead of the G7 to commit to accelerate the transition away from unabated coal capacity and to an overwhelmingly decarbonized power system in the 2030s in the revised NDC. It is doable and will in our view provide a green impulse to the economy of the future. Korea is an advanced economy and in partnerships with others has the technical expertise that is needed.

Both the Netherlands and Denmark decided to phase out coal use for energy production for 2030: one of the most practical and cost-efficient options to reduce emissions in the short run, especially considering the current price of renewables and the environmental and health benefits from clean air.

With 56 coal fired power plants running and seven new plants under construction in Korea, we reiterate that decisions today will, for this decade, determine whether a transition to a sustainable and green transformation will materialize. The IEA Net Zero Roadmap states that for net zero 2050, the phase-out of unabated coal by 2030 is necessary in advanced economies.

Korean subnational partners representing 75 percent of the country's coal power generation are already taking steps through their participation in the Powering Past Coal Alliance (PPCA). We strongly welcome these efforts and encourage Korea carefully to consider an accelerated phase-out.

We understand the challenge Korea is facing, as our countries are facing the same challenges at home. We however firmly believe in a climate policy that doesn't just pose restrictions, but offers opportunities. An example of this kind of policy in Denmark and the Netherlands is the rise of offshore wind, which has created a whole new industry.

After an initial phase of exploring possibilities and optimizing approaches, the rollout of offshore wind in the North Sea now goes full steam ahead. Such a development ― ambitious but feasible ― will also be necessary to reach the Korean target capacity of 12-gigawatt offshore wind in 2030. Korea can take advantage of the lessons learned in the Netherlands and Denmark and leapfrog in its offshore wind development.

We note with positive interest the climate steps Korea has taken recently and trust that the country will continue taking the lead toward a green future. Korea can increase its climate ambitions and, at the same time, reap the benefits of a green transition ― much in the spirit of the P4G.

Marcel Beukeboom is the climate envoy of the Kingdom of the Netherlands, and Tomas Anker Christensen is the climate ambassador of Denmark.