As the success of COP28 could accelerate global progress towards achieving the goals of the Paris Agreement, South Korea is committed to playing its part as a leading nation in bridging the gap between developed and developing nations and ultimately delivering an ambitious outcome, said Han Wha-jin, Minister of Environment of Republic of Korea.
Korea will also contribute to the global energy transition by putting forward concrete plans such as the United Nations 24/7 Carbon-free Energy Compact, she told the Emirates News Agency (WAM).
‘As a responsible member of the global community and a close partner of the host country, UAE, we welcome the pledges and initiatives led by the COP Presidency and offer our full support for the success of COP28,’ Han affirmed.
First GST, challenges, and UAE’s leadership
Talking about the first-ever Global Stocktake (GST) at COP28 that assesses the collective progress made globally towards meeting the goals of the Paris Agreement, she said it will make a substantial impact
on global climate action.
However, the minister observed, that despite worldwide efforts through multilateral cooperation, the world still faces daunting challenges, including insufficient efforts to meet the 1.5C target, a lack of climate finance, and slow progress in climate adaptation.
‘In this critical juncture, the hosting of COP28 by the UAE is truly commendable. I sincerely appreciate the able leadership of the UAE and COP28 presidency.’
In January this year, the presidents of South Korea and the UAE agreed to work together to tackle climate change, including for the success of COP28, and issued the ‘ROK-UAE Leaders Declaration on Climate Action,’ Minister Han pointed out.
Korea’s climate action
Following the adoption of the Paris Agreement, the Republic of Korea made a commitment to achieve carbon neutrality by 2050 and set a goal of a 40 percent emissions reduction by 2030 from 2018 levels, she said.
‘To meet this ambitious goal, the 1st National Plan for Carbon Neutrality and Green Growth was
announced in April 2023.’
Korea is actively participating in various international partnerships, fulfilling its role in carbon mitigation, and leveraging the worldwide push towards net-zero, the minister explained.
As part of such efforts to mitigate global carbon emissions in a cost-effective manner, she said her country has made international mitigation projects under Article 6 of the Paris Agreement its top priority.
‘Accordingly, we devised the ‘Implementation Strategy for International Mitigation Projects’ in August 2022 to provide a comprehensive support system for companies that develop and implement projects on the ground.’
The minister was referring to Article 6 of the Paris Agreement that provides a framework for countries to cooperate towards the implementation of their Nationally Determined Contributions (NDCs) through carbon markets and non-market modalities.
Bilateral cooperation projects
Moreover, Han said, Korea has signed or is in the process of signing the ‘Framework Agreement for Coop
eration on Climate Change’ with 27 countries, which is set to pave the way for bilateral cooperation projects.
‘So far, we have reached agreements with Vietnam, Mongolia, Gabon, and Uzbekistan. Landfill gas reduction projects are already underway in Mongolia and Uzbekistan.’
Other climate partnerships in which Korea has participated include the Global Methane Pledge launched for global methane reduction and the Net-Zero Government Initiative designed to contribute to net-zero government operations, the minister explained.
Climate Finance
On the finance front, South Korea has pledged to contribute an additional US$300 million to the Green Climate Fund at the G20 Summit and committed to supporting the Adaptation Fund, she noted.
‘Furthermore, we intend to significantly increase the proportion of green Official Development Assistance (ODA) to above the average of the OECD Development Assistance Committee (DAC) by 2025. By doing so, Korea aims to serve as a ‘green ladder,’ supporting vulnerable countries to
adapt to and mitigate the impacts of climate change.’
South Korea’s challenges
The most challenging task in South Korea’s decarbonisation efforts is addressing the heavy reliance on manufacturing and fossil fuels, as manufacturing accounts for a large share of the energy-intensive industrial framework, the minister explained.
‘It is not an easy task for us to immediately shift to a low-carbon industrial structure.’
Recognising this challenge, Han explained, that South Korea plans to reduce emissions by encouraging the use of highly efficient equipment, and minimising the use of carbon-intensive materials.
Korea will also support the development of low-carbon technologies such that their deployment could enhance manufacturing processes and facilitate the transition to low-carbon fuels and materials, thereby building a greener industrial structure, she said.
‘Alongside these domestic endeavours, we strongly believe that the global community should strengthen bilateral and regional cooperation to accelerat
e the global energy transition,’ Han suggested.
As the country with the largest number of hydrogen vehicles on the road, Korea is ready to collaborate closely with the international community throughout the entire life cycle, from production to utilisation, thereby fostering the growth of a hydrogen economy, the minister said.
Source: Emirates News Agency