A key visual of the Partnering for Green Growth and the Global Goals 2030 (P4G) Seoul Summit. Courtesy of Ministry of Foreign Affairs

• ●The May 30-31 P4G Seoul Summit will bring Korea to the forefront of those nations leading efforts to combat climate change.  
  

• ●Korean energy producers are banding together to accelerate the switch to renewables after President Moon announced a strengthened Nationally Determined Contribution toward carbon neutrality.

SEOUL, South Korea -- The year 2021 is critical to climate action. It marks the first year when signatories to the 2015 Paris Agreement are obliged to begin their nations’ efforts to achieve targeted greenhouse gas reductions by 2030.

Following the April 22-23 U.S.-hosted Leaders Summit on Climate to mark Earth Day this year, South Korea will host the 2021 P4G Seoul Summit from May 30 to 31, under the theme “Inclusive Green Recovery Towards Carbon Neutrality.” It will be Korea’s first time hosting a multilateral environmental summit and will be the second P4G summit after the inaugural 2018 conference in Copenhagen, Denmark.

P4G stands for Partnering for Green Growth and the Global Goals 2030. The global initiative aims to achieve post-pandemic sustainable development goals (SDGs) linked to five key areas – food and agriculture, clean water, clean energy, sustainable cities and a circular economy – and strengthen the joint response to climate change.

The goal of this year’s P4G Seoul Summit is to be a stepping stone for the U.N. Climate Change Conference (COP26) to be held this November, while at the same time, raise South Korea’s Nationally Determined Contribution standards to counter climate change. In a speech made during the April Leaders Summit, President Moon Jae-in announced that the nation will submit a newly updated NDC for 2030 to the United Nations within this year.

“Last year, we replaced our previous BAU (business as usual)-based reduction target with an absolute goal of cutting emissions by 24.4 percent from levels recorded in 2017, making our first upward adjustment. Now, strongly intent on reaching net zero emissions by 2050, we plan to enhance our NDC once again.”

Along with the NDC to achieve carbon neutrality, President Moon pledged that the government would end all public financing for new overseas coal-fired power plant projects.

“Korea has stopped issuing permits to build new domestic coal power plants, shut down ten aged boilers earlier than scheduled and, as a result, drastically reduced its reliance on coal for power generation. Instead, we are swiftly moving to ramp up the production of renewable energy, such as solar and wind power.”

The P4G summit will also provide a platform for the South Korean Government to ally with other countries to promote its Green New Deal policy. Earlier this year, the Government unveiled a US$43 billion plan to build the world’s largest offshore wind farm by 2030 as a major project for the Green New Deal.

One of P4G’s defining characteristics is its focus on the action-oriented public-private partnerships by bringing together governments, international organizations, private corporations, academia and civic organizations.

The P4G Seoul Summit Preparatory Office joined forces with the private sector by signing MOUs on April 20 with KB Financial, KT, LG Chem, SK Telecom, Samsung Electronics and 18 other domestic and overseas companies. The aim is to help make the summit more successful by building public consensus and cooperation.

The goal to achieve carbon neutrality has, in recent years, become central to Korean firms as well. On April 6, nine major energy corporations – Doosan Heavy Industries and Construction, DL Energy, SK E&S, E1, GS Energy, POSCO Energy, Hanwha Energy, Hyundai Motor, and Hyosung Heavy Industries – along with Hyundai Research Institute formed an “energy alliance” to cooperate on adopting decarbonization initiatives and jointly pursue a practical energy transition.