| President Yoon Suk Yeol attends the first session of the Group of 20 Summit at the Bharat Mandapam International Convention Center in New Delhi, India, Saturday (local time). At left is Japanese Prime Minister Fumio Kishida. Joint Press Corps |
Yoon announces Seoul's pledge for global efforts against climate change
By Nam Hyun-woo
NEW DELHI ― Korea will make a fresh $300 million contribution to the Global Climate Fund (GCF), as part of the country's commitment to the world's battle with climate change, President Yoon Suk Yeol announced during the Group of 20 (G20) Summit in New Delhi, Saturday (local time).
Yoon announced the fresh capital injection during his speech at the first session of the summit, where the world's leaders pitched in with national pledges to combat climate changes under the theme of “One Earth.”
“The Republic of Korea will play the role of a green ladder to support countries vulnerable to climate change,” Yoon said during his speech, referring to South Korea by its official name.
“To this end, we will make an additional $300 million contribution to the GCF, to assist developing nations' adaptation to climate change and greenhouse gas emission reduction.”
The GCF is an entity within the financial mechanism of the United Nations Frame Work Convention on Climate Change. Headquartered in Incheon, Korea, the organization is aimed at channeling financial resources to developing countries to set up measures to counter climate change.
After its establishment in 2013, the GCF's Initial Resource Mobilization raised $10.3 billion in pledges ― $9.3 billion was confirmed ― including Korea's $100 million. During the fund's first replenishment from 2020 to 2023, Korea pledged to contribute an additional $2 million.
The fresh $300 million contribution will be made during the fund's second replenishment slated for 2024 to 2027.
The fresh contribution will be the largest donation that South Korea has made to the fund, and it is the largest amount made by countries which do not have an obligation to contribute.
South Korea expects the donation will play a bridging role between the developed and developing nations' different positions on battling climate change.
“Though most countries agree that climate change is the biggest challenge that the world is facing, there is a stark contrast in how to handle it,” senior presidential secretary for economic affairs Choi Sang-mok said.
“While developed nations are pursuing high carbon neutrality targets and their implementation, emerging nations are pointing out the responsibilities of developed nations in industrialization, and urging greater contributions to climate change funding. This is where Korea can play its role as a green ladder.”
| President Yoon Suk Yeol shakes hands with Indian Prime Minister Narendra Modi during the Group of 20 Summit at the Bharat Mandapam International Convention Center in New Delhi, India, Saturday (local time). Joint Press Corps |
Along with the donation, Yoon also noted Korea's commitment to cooperate with other countries in terms of energy transition, through nuclear and hydrogen power.
“The Republic of Korea, which possesses top-tier technologies in nuclear power plants, is expediting its efforts to develop small modular reactors (SMRs),” Yoon said. “We hope proactive nuclear power cooperation with countries seeking to secure energy security while cutting emissions.”
SMRs have a power capacity about one third of the generating capacity of traditional nuclear power reactors, and can be installed in locations not suitable for large nuclear power plants. Due to this, SMRs are viewed as a potential option for emerging countries prone to earthquakes or having other geological difficulties.
Yoon also noted Korea's leadership in using hydrogen as an energy source. Korea has the largest number of hydrogen fuel cell electric vehicles (FCEV) on the road, reaching 30,000 last year, buoyed by Korean carmaker Hyundai's technological advantages.
Korea pushed a plan of playing a leading role for building a global hydrogen economy during the previous Moon Jae-in administration, but this was not highlighted in the Yoon administration, which put nuclear power at the forefront of its energy transition portfolio.
Against this backdrop, slowdowns have been reported in the domestic hydrogen industry. Some news reports allege that Hyundai may drop its development project for the Genesis FCEV, causing hydrogen car-related stocks to fall in the domestic stock market, though the carmaker denied the reports.
With Yoon putting the spotlight back on hydrogen on the global diplomatic stage, it remains to be seen whether Korea's and the world's efforts toward a hydrogen economy will be reinvigorated.
“The Republic of Korea, which has the largest number of hydrogen FCEVs in the world, will take a leading role in technology partnerships across the whole cycle of the hydrogen economy, and global cooperation for setting international standards,” Yoon said.
Also at the speech, Yoon highlighted Korea's efforts to build “green shipping corridors” which aims at zero-emission fuels and technologies along maritime trade routes between ports.
“Yoon's pledges are about providing a green ladder to developing countries,” a senior official at Seoul's presidential office said. “It is about Korea providing financial and technical support to countries that are unable to develop green technologies on their own, or find it difficult to set up climate change response schemes without assistances from developed nations.”