Korea to unveil higher target of carbon emissions reduction in Nov.

President Moon Jae-in speaks during the opening ceremony of the P4G Seoul Summit at Dongdaemun Design Plaza in Seoul, Sunday. The two-day event was streamed online and participated by 34 heads of states, high-ranking government officials and 20 international organization leaders. Yonhap

Seoul to bid for UN Climate Summit in 2023

By Nam Hyun-woo

President Moon Jae-in pledged Sunday to strengthen Korea's Nationally Determined Contributions (NDCs) for greenhouse gas reduction for 2030 as the country's intermediate goal ahead of achieving carbon neutrality by 2050.

Also, the President unveiled Seoul's plan to host the 28th United Nations Climate Change Conference of the Parties (COP28) in 2023, while promising to expand the nation's official development assistance (ODA) focused on developing countries' climate actions and green growth as well as joining international regimes for biodiversity.

The pledges came from Moon's opening ceremony speech for the P4G Seoul Summit, which kicked off its two-day run online to pursue international cooperation for stronger environmental actions. P4G stands for Partnering for Green Growth and the Global Goals 2030.

"Korea will additionally raise its national greenhouse gas reduction targets for 2030," Moon said. "As an intermediate goal for last year's declaration that Korea will achieve carbon neutrality by 2050, Korea will strengthen its NDCs for 2030 and present it at COP26 slated for November."

The NDCs specifically delineate how each country will reduce national carbon emissions and meet the common climate goals within the global framework. Korea presented its NDCs to the United Nations Framework Convention on Climate Change last December, pledging to cut the country's carbon emissions by 24.4 percent by 2030 from 2017 levels.

To expand its contribution to the Paris Agreement, the government is planning to further update its NDCs before pursuing carbon neutrality by 2050.

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Along with the goal of stronger NDCs, Moon made official the nation's bid to host COP28 in 2023. The host of the 28th edition of the event will be determined among Asia-Pacific countries at COP26 in Glasgow, the U.K., this November.

"Korea will play a responsible role as a bridging nation between developing and advanced nations, and spare no efforts to make this summit a place where leaders can facilitate feasible visions and strengthen their cooperation," Moon said.

Also, Moon said Korea will expand support for developing nations, including a significant increase by 2025 in its climate- and green project-related ODA.

"Also, Korea will help developing nations to make the energy transition from fossil fuels," Moon said. "By 2025, the country will significantly increase its climate- and green project-related ODA and create a Green New Deal Trust Fund worth $5 million at the Global Green Growth Institute."
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From 2015 to 2019, 19.6 percent of Korea's total ODA went to Rio and Climate Marker projects while the average calculated by the OECD's Development Assistance Committee stood at 28.1 percent. Following Moon's pledge, Korea will make efforts to exceed the average rate.

Along with the trust fund, Moon added that Korea will offer $4 million in new grants to P4G for the sake of its sustainable operation.

Along with the economic movements, Moon promised to enhance the country's efforts to preserve biodiversity. He also said the country will join the Leaders' Pledge for Nature, the High Ambition Coalition for Nature and People and the Global Ocean Alliance, to ensure the success of COP15's Convention on Biodiversity.

President Moon Jae-in and his wife Kim Jung-sook, right of Moon, applaud during the opening ceremony of the P4G Seoul Summit at Dongdaemun Design Plaza in Seoul, Sunday.

The P4G Seoul Summit is the second of its kind, and Korea's first hosting of a multilateral climate summit. With 12 member countries, leaders of more than 40 countries and international organizations have participated in the event. They include U.K. Prime Minister Boris Johnson, German Chancellor Angela Merkel, French President Emmanuel Macron, Danish Prime Minister Mette Frederiksen, Chinese Premier Li Keqiang and a number of other state leaders. U.S. Special Presidential Envoy for Climate John Kerry also plans to attend the summit.

During the leaders' session after Moon's speech, heads of state also shared their commitments to tackle climate change through pre-recorded video speeches.

U.K. Prime Minister Boris Johnson speaks during his pre-recorded video speech for the P4G Seoul Summit, Sunday. Captured from P4G Seoul Summit live streaming

During his speech, U.K. Prime Minister Johnson thanked Moon for holding the summit before COP26, saying no single government can achieve a green industrial revolution and that international cooperation is required to secure resources for climate actions. He added the U.K. will support the transition towards a green economy through R&D investments and technological developments.

Premier Li also said China, as the largest developing nation, will achieve carbon neutrality before 2060 and pledged the country's greater contribution to low emissions and green recovery.

German Chancellor Merkel stressed climate change is posing as much threat as the COVID-19 pandemic to humanity and world economies, thus the world needs to phase out fossil fuels.

Moon and some other participants, including U.S. special envoy Kerry, will present their views during the Leaders' Dialogue forum to be streamed live on Monday night. Then, the leaders will adopt the Seoul Declaration.

Chinese Premier Li Keqiang speaks during his pre-recorded video speech for the P4G Seoul Summit, Sunday. Captured from P4G Seoul Summit live streaming

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