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S.Korea aims to burnish climate reputation with global summit

Stock MarketsMay 28, 2021 03:21AM ET
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© Reuters. FILE PHOTO: South Korean President Moon Jae-in delivers remarks before participating in a bilateral meeting at the Eisenhower Executive Office Building near the White House in Washington, U.S., May 21, 2021. REUTERS/Sarah Silbiger/File Photo

By Josh Smith

SEOUL (Reuters) - South Korea aims to use a global climate summit it is hosting virtually next week to burnish its leadership credentials on environmental issues, despite its patchy record at home.

Diplomats say they expect few major announcements at the summit on Sunday and Monday in Seoul, but organisers are looking for participating countries to take steps to implement sweeping emissions goals made at other climate summits.

The 2021 Partnering for Green Growth and the Global Goals 2030, or P4G, summit is the second of three major international conferences on the environment this year, and brings together a dozen partner countries, international organisations, and private companies.

Some non-member countries, including the United States and China, are expected to participate, including in the form of video speeches by national leaders or senior officials.

Established in 2018, P4G focuses on public-private partnerships, especially in developing countries, in contrast to the more inter-governmental pledges and commitments featured at the Leaders Summit on Climate hosted by U.S. President Joe Biden in April.

South Korean President Moon Jae-in is expected to conclude several pacts to protect wildlife, call for cooperation regarding marine pollution, and discuss aspects of his country’s "Green New Deal" including hydrogen fuel and batteries.

A general session on ways to become carbon neutral will feature South Korean conglomerates such as Samsung Electronics (OTC:SSNLF) Co Ltd, Hyundai Motor Co and LG Electronics Inc, as well as Apple Inc (NASDAQ:AAPL) and Coca-Cola (NYSE:KO) Co, a South Korean official said.

"South Korea will demonstrate an inclusive leadership, encompassing both advanced and vulnerable countries ... and join the ranks of advanced nations in climate response in the international community," the official at the presidential Blue House told a briefing on Thursday.

Moon has set goals for South Korea of net-zero emissions by 2050, an end to funding of overseas coal plants, and the introduction of a carbon tax.

A coalition of 11 environmental groups said that despite the new promises, if existing planned coal-powered plants were completed, they would likely be in operation well after 2050, and would make carbon neutrality by then impossible.

"Against this backdrop, we are left in serious doubt as to whether the country will be able to lead a worthwhile discussion on green growth and sustainable development," the coalition including Greenpeace said in an open letter to Moon.

LOOKING FOR PRACTICAL STEPS

Ahead of the summit some countries had hoped South Korea would set the pace with a more ambitious national emissions target or more commitments around coal, but this was now unlikely, one diplomatic source told Reuters.

South Korea appeared to have decided to make smaller announcements at each competing climate conference this year, rather than a grand commitment all at once, the source said.

"That said, I’m sure that Korea will judge the event to be a success based on high-level participation alone - numbering around 40 heads of state," the source said, requesting anonymity in order to speak frankly.

"The good news is that Korea appears to be heading on a green trajectory even if it may not be turning green as quickly as we would like."

Ian de Cruz, P4G’s global director, told Reuters South Korea was well positioned to be a leader in public-private efforts because of its many heavy industries like shipbuilding and automotive manufacturing.

He said he was expecting more near-term steps from South Korea toward a green transformation of its heavy industries.

Overseas coal financing, for example, was not only about ending financing, but also reallocating funding for developing countries to boost investment in renewables, smart technology, battery swaps, and electric vehicles, he said.

"If that happens tangibly, then that positions Korea as a leader," de Cruz said.

S.Korea aims to burnish climate reputation with global summit
 

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