This year is the first year of implementation of the Paris Agreement, which was adopted at COP21 in 2015, and it made ‘climate action’ gain more international attention. One of the main goals of the Korean New Deal, which was initiated to overcome the economic and social crisis caused by COVID-19, is the transition to a low-carbon society. In particular, the Green New Deal, which is led by the Ministry of Environment, aims to shift to an eco-friendly, low-carbon, and green economy.
The Paris Agreement, the Sustainable Development Goals, and Korean Green New Deal all aim for a sustainable future. The Sustainable Development Goals cover all sectors of economy, society and environment, and ‘climate action’ is one of its 17 goals. This presentation intends to discuss the relationship between the projects under the Korean Green New Deal and the Korean Sustainable Development Goals.
Korean Sustainable Development Goals (K-SDGs) were established in 2018 to localize the UN Sustainable Development Goals by incorporating Korea’s specific national circumstances. Many of the Green New Deal projects are directly related to eight of the K-SDGs: 6. Healthy and Safe Water Management, 7. Eco-friendly Production and Consumption of Energy, 9. Industrial Growth and Innovation, 11. Sustainable City and Housing, 12. Sustainable Production and 13. Climate Change Response, etc.
It appears that social goals such as gender equality, inequality, and inclusiveness are relatively under addressed in the Green New Deal. However, since another axis of the Korean New Deal, “Stronger Safety Net,” focuses on protecting the vulnerable, it complements the implementation of the goals related to equality and social inclusion.
The government intends to prepare scenarios for greenhouse gas reduction and materialize the results of the Korean Green New Deal. In particular, institutional and policy measures will come into place to ensure a just transition in the process towards carbon neutrality. Enhancing the implementation of relevant sustainable development goals through carbon neutrality while securing social equity through just transition is the key to achieving carbon neutrality and sustainable development goals at the same time.
Article 6 of the Paris Agreement aims at establishing a framework for countries to cooperate on NDC achievement, including through market-based approaches. Article 6 has therefore the potential to create a unique driver for the use of international carbon markets as well as domestic carbon pricing policies. Research has also shown that Article 6 has the potential to significantly lower the cost of meeting NDC targets, therefore unlocking more ambition at lower costs. Article 6 also provides a unique entry point for private sector engagement in climate action.
Implementing rules for Article 6 are still being negotiated and they are one of the few unresolved issues in UNFCCC negotiations. Attempts at finding agreement on a common ruleset for Article 6 proved unsuccessful both at COP24 in Katowice, when the Paris Rule Book was adopted, and at COP25 in Madrid. The adoption of implementing rules for Article 6 is now on the agenda for COP26, which will take place in November 2021 in the UK.
At COP26, negotiations on Article 6 will likely face the same challenges as in previous years. At the same time, outside the negotiation process, Article 6 pilots and real world implementations of Article 6 approaches are going ahead, and will provide valuable lessons learnt for the UNFCCC process.
This presentation will provide context on the key components of Article 6, its functioning and its economic and mitigation potential. The presentation will also cover the state of play in the Article 6 discussion, outlining the main roadblocks in the negotiations. It will analyse the implications of the COP25 outcome and will reflect on the way forward for the Article 6 negotiations.
Korean government submitted its long term low carbon development strategy, “2050 Carbon Neutrality Strategy of the Republic of Korea” in December 2020 to UNFCCC secretariat. This presentation reviews the key components of the 2050 Carbon Neutrality Strategy and investigates the challenges ahead. Facing significant economic slow-down of Korean economy due to COVID19, the Green New Deal and the Digital New Deal are the two pillars to make the Korean economy into the carbon neutral by 2050. Massive development and deployment of innovative green technology is the engine of transition of Korean economy. For example, electric power, generated from renewable sources, will be the main energy type used in the economy. The self-driving vehicles will use electricity or hydrogen fuels in the transport sector.
However, transition to carbon neutral economy by 2050 faces a lot of challenges in Korea because it requires very rapid negative growth rate in GHG emissions from now. It needs very well organized strategies and detailed plans for the successful and harmonious outcomes. The transition is not a simple solution to address an environmental issue alone, but is to build a comprehensive and innovative pathway to carbon neutral economy by addressing changes in industrial structure, job security and retraining of the workforces for net zero economy.
It concludes that a well-designed plan needs to be announced to the public as soon as possible in order to have the consumers and the producers prepared the dramatic changes in their lifestyles, production process as well as the products produced. In addition, carbon prices will be the principal driver to give incentives to the development and deployment of innovative green technology as well as the change in the consumption behaviors.
The German Council for Sustainable Development (RNE) is a multi-stakeholder body that provides recommendations to the German government along the German Sustainable Development Strategy. In doing so, it engages in recommendations and coherence for the national climate plan and pathway towards climate neutrality as well as sustainable development policymaking. Due to a recent decision of the German Constitutional Court, climate action, intergenerational justice and sustainable development must play a major role in policy making, unleashing an enormous dynamic and competition for pathways for socially just climate neutrality before 2050. Building better forward is one element among several that needs to serve this new and ambitious climate and sustainability goals in Germany.
Since the UK put net zero GHG emission goals by 2050 into legislation in 2019 there have been some further significant developments. In April 2021 it was announced that the UK will reduce emissions by 78% by 2035 compared to 1990 levels in its sixth carbon budget, which would take the UK more than three-quarters of the way to reaching net zero by 2050. This was in line with the recommendation from the independent Climate Change Committee that has described the path to net zero as part of a blueprint for a fully decarbonized UK which meets the Paris Agreement stipulation of ‘highest possible ambition’. The pathway is challenging but also hugely advantageous, creating new industrial opportunities and ensuring wider gains for the nation’s health and for nature. However, there is concern about whether there are sufficient policies to meet these targets and sufficient action and investment on the ground.
This presentation will explore the UK’s net zero GHG emission goals and milestone reduction targets, the associated governance system, the expected costs of achieving the targets, the transition pathway and the required policies and investments in key emitting sectors. The key issues and challenges facing the UK in achieving these targets will be summarized and lessons for other jurisdictions will be highlighted.
Increased global ambitions and actions are necessary to reach the Paris Agreement’s objectives. Denmark wants to be a green frontrunner in global climate action that inspires and encourages the rest of the world. Our goal is 70% emissions reductions by 2030 and climate neutrality by 2050. We will help lead the green transition, further global ambitions on climate, environment and nature, and actively promote and support the Paris Agreement and sustainable development aligned with the SDGs. We will work for a socially just green transition that creates green skilled jobs and avoids increasing inequality. In my talk, I will go through how and with whom Denmark works climate diplomatically to achieve these goals and further the green transition.
On September 22, 2020, President Xi Jinping has made a solemn declaration to the world that “China will strive to reach the peak of carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060”, these goals have been repeatedly emphasized later on at seven major international conferences. Carbon peaking and carbon neutrality have become national strategies，relevant content has been written into the CPC Central Committee’s Proposal on Formulating the Fourteenth Five-Year Plan for National Economic and Social Development and the Long-Term Outlook for the year 2035. Listed as one of the eight key tasks of the Central Economic Work Conference in December. Reinterated at the ninth meeting of the Financial and Economic Commission of the CPC Central Committee held in March 2021.
Carbon peak and carbon neutral goals are the inherent requirements of China’s sustainable development, to take the international responsibility for addressing climate change and promoting the building of a community with a shared future for mankind. It concerns China’s future national development strategy and will have a fundamental impact on China’s economic structure and social development orientation, triggering a profound change in governance, energy, technology, consumption and so on. Carbon peak and carbon neutrality goals will lead and restructure the current mindmap and pattern of China’s efforts to deal with climate change and low-carbon development，set new directions and requirements for work in the next stage, including economic and social development, climate change, and ecological and environmental protection.
The presentation will focus on: The proposal, policy background and significance of carbon peak and carbon neutral target in China. The work task force structure for achieving carbon peak and carbon neutrality, as well as the actions of relevant ministries and commissions, provinces and cities, and enterprises in key industries. Raise a few personal suggestions and development prospects for China’s next strategic pathway to achieve carbon peak and carbon neutrality, coping strategies for enterprises, highlights of the Chinese National ETS.
We know that the current decade 2020 to 2030 is crucial
A DECADE OF NATURE AND CLIMATE ACTION
With the need to Halve emissions by 2030 and halve again the decade after and then reach net-zero by 2050…
And reverse biodiversity loss
These are enormous tasks.
The recent net-zero drive: has been creating true momentum; it’s a pivotal time in the fight against climate change.
Green resilient recovery is essential if we are to meet the goals of both SDGs and PA. The recovery measures are not sufficiently green and not aligned with SDGs.
South Korea has become a model for developing countries in the way it has rapidly industrialised and built an economy based on fast internet speeds. We applaud Korea’s carbon neutrality pledge and the “Korean Green New Deal” – paving the way for the country to become a leader in sustainable economic growth
* UNFCCC NDC synthesis report in March 2021 – indicated that we are nowhere close to where we need to be in order to achieve net-zero by 2050
UNSG calls this year, 2021, to be a LEAP year for building a true global coalition for carbon neutrality. We are seeing both the political will building (with net-zero pledges by China, US, European countries, Japan; RoK and another 120+ countries – equaling now at cca. 70% of the global economy and 65% of total emissions); and we are definitely seeing the public support growing, especially from the new generation. However, all of the pledges must now be translated into roadmaps to reach net-zero; translated into concrete actions – by enhanced commitments in COP26 in Glasgow
The COVID pandemic brought unprecedented humanitarian and financial crisis, has taken more than 3.4 million lives; driven the economy down, millions lost their jobs which led to rising poverty; there is a risk of default in many countries – especially developing countries are hit hardest – already most vulnerable to climate change
At the same time, we know that we have to come out from this pandemic more resilient,
build back better and choose a new path for growth and development; the key message here is gettingtherecoveryright
The unprecedented crisis also unleashed unprecedented measures, the resources freed for stimulus packages – in trillions – almost all of it still in G20 countries.
Over USD 14 trillion in announced spending across the world’s largest 50 countries in 2020, of which only 13% (1.9t) was directed to long-term ‘recovery-type’ measures an of that less than 20% (340b) – to green recovery measures (UNEP, University of Oxford, March 2021)
The drop in carbon emissions from coronavirus lockdowns in 2020 is expected to have a negligible effect on average global temperature. However, strong green economic recovery measures from the Covid-19 pandemic that invest in low-carbon technologies, practices, and infrastructure and do not bail out carbon-intensive industries could cut warming by 0.3C and put us back on track to avert catastrophic climate change.
We must not repeat the errors of the past. In many countries, austerity measures implemented in response to the 2008 debt crisis have significantly constrained the ability of governments to spend on infrastructure development and maintenance, as well as technology and skills development.
* With the value of climate finance opportunities in developing countries between now and 2030 estimated up to USD 23t vs. USD 18t of negative-yielding debt in OECD countries à increasing the flow of climate finance should be a logical and natural win-win way for both climate action and green recovery measures. This is not happening.
* This is because of perceived risks:
Green investments tend to have higher upfront capital requirements, longer pay-back periods and can have higher perceived policy, technical and operational investment risks. At GCF we are leveraging our investments to unblock the barriers to transformative climate investments.
blended climate finance so far has mostly benefited high and middle-income countries, largely bypassing LDCs and SIDs, and has catalysed private investment in mature technologies such as on-grid renewable energy technologies.
The needs for green/sustainable investments are huge, but they can also bring returns – If invested smart and if externalities are taken into consideration. Just increasing the volume of climate finance is not enough: investments required in a different set of assets, and best if these investments create co-benefits for Covid-recovery, including creating jobs.
Currently, GCF’s portfolio is USD 30B with the fund’s investment at 8.3b and the rest is co-investment.
I want to use examples of some of the fund’s projects – examples of what we, at GCF, do with our partner countries and partner accredited entities (more than 100 diverse network) – to explain the fund’s approach to bring this transformative change.
The key is Innovation:
in Policy and regulatory – transformative planning (integrating policies to achieve the SDGs and the PA – that capture multiple wins – could reduce total required investment by up to 40%.)
In institutions (including in capacity strengthening that will support countries craft green, resilient recovery measures and incorporate such measures into NDCs and stimulus packages.)
Innovation in technology, and
Financial innovations, including de-risking investments of private sector is often key
We must green existing investments and also secure the new investments required to deliver green growth. Catalysing private investment to foster a low emission, climate resilient recovery is vital to supplement public resources. But there is also to an array of financing and entrepreneurial barriers to private green investment:
First: we support developing countries to create integrated climate and sustainable development strategies. This fosters the establishment of a conducive policy environment for green, resilient investment.
Second: we encourage and pilot innovation. We support innovations in policy, institutions, business, technology and in finance.
Third: we scale up successful climate investments. We do this through tools like blended finance as well as through dedicated climate financing facilities and institutions.
Fourth: we create knowledge and share it. Sharing knowledge and lessons learned promotes the incorporation of climate risks into every single financial decision. In this way finance can be aligned with sustainable developments.