By Oh Hyun Woo and Yoon Sojung
A forum in Seoul has shared with the world Korea’s “proactive, inclusive and collaborative” climate finance actions to transition into a carbon neutral economy.
The Climate Finance Forum on April 13 was jointly hosted by the P4G (Partnership for Green Growth and the Global Goals 2030) Secretariat and the Ministry of Economy and Finance at Conrad Seoul Hotel under the theme “Accelerating Climate Finance and Investment for a Green Transition.”
In his opening speech, First Vice Minister of Economy and Finance Lee Eog-weon proposed the creation of a climate fund with the three aforementioned qualities.
On backing early investment as part of “proactive” funding, he said, “We will double our policy financing support from 6.5% now to 13% by 2030. The government will also set the legal grounds for the establishment of the fund to begin its operation next year.”
On “inclusive climate financing” designed to include socially vulnerable groups, small and medium-size enterprises (SMEs), and developing countries, the vice minister said, “The Korean government will utilize various resources to help SMEs adapt such as the creation of green jobs, support for the expanded use of renewable energy and a shift in manufacturing processes.”
“Internationally, Korea will share its green growth experience with developing countries and actively participate in efforts to foster global climate resources.”
On “collaborative climate financing,” he said, “Korea will work with international institutions in the climate sector based in Korea such as the Green Climate Fund (GCF) and the Global Green Growth Institute (GGGI), to help the country become a hub of climate action response for developing countries.”
GCF Executive Director Yannick Glemarec said in his congratulatory speech that Korea’s announcement of its carbon neutrality vision for 2050 promoted global momentum for climate change. He added that the vision, the specifics of which Seoul will announce in the first half of this year, will become a benchmark for other countries to follow.
The forum was held via videoconferencing as the first preliminary event ahead of the launch of the P4G Summit slated for May 30-31 in Seoul. About 1,000 people took part including representatives from international organizations like the P4G, GCF and GGGI, staff from related organizations and scholars.