Korea Seeks to Accelerate Global Green Cooperation through P4G Summit

SEOUL, South Korea, May 21, 2021 /PRNewswire/ -- The Republic of Korea will host the 2021 P4G (Partnering for Green Growth and the Global Goals 2030) Seoul Summit from May 30 to 31 to urge international cooperation in fighting climate change. It is determined to inform the world of the state of climate change and show its commitment to stronger climate action.

The 2021 P4G Seoul Summit is the second of the three major international conferences on the environment this year. It comes between the Leaders Summit on Climate hosted by U.S. President Joe Biden in April, and the 26th U.N. Climate Change Conference of the Parties (COP26) to be held in November.

In the April summit, Korean President Moon Jae-in, U.S. President Biden, Chinese President Xi Jinping and other leaders of major countries discussed ways to reduce carbon emissions. During the COP26, an annual meeting of the parties to the United Nations Framework Convention on Climate Change (UNFCCC), leaders of 195 countries will discuss global environmental standards.

The P4G Summit is a platform for public-private partnerships that can complement these inter-governmental climate responses. The summit aims to create a model to deliver both climate action and economic growth and help developing countries achieve Sustainable Development Goals (SDGs), through the P4G Partnership involving governments, businesses, and civil societies.

The P4G Partnership funds up to $1 million for private companies with promising ESG (environmental, social, and corporate governance) initiatives, through which the companies generate profits while improving environmental problems in developing countries.

Under the theme of "Inclusive Green Recovery towards Carbon Neutrality," the summit will consist of five thematic sessions on water, food and agriculture, energy, cities, and circular economy, and 10 special sessions on issues including responding to climate change, inclusive green growth and sustainable development. During a special session on "Action of Local Governments toward Carbon Neutrality," governments will share their experiences on carbon neutrality and discuss measures to cooperate with each other. A session on "Business Paradigm Shift in the Era of ESG & Green Tech" will explore eco-friendly business strategies for companies and try to help partner companies join the transition.

The Korean government has actively publicized the summit and continued to declare its resolve to address climate crisis to the international community. "Korea will exert every effort to prepare for the summit that inspires an actionable vision and stronger cooperation." President Moon Jae-in said during the Leaders Summit on Climate on April 22, while asking world leaders for interest and participation in the 2021 P4G Seoul Summit.

At the first P4G Summit in Copenhagen, Denmark, in October 2018, the leaders of member countries along with the representatives of partner institutions, companies, and civil organizations agreed to expand innovative public-private partnerships for sustainable development and climate change response and declared their resolve with the Copenhagen Commitment to Action.

In addition to partner countries and organizations, the upcoming second P4G Summit has invited leaders and representatives of non-member countries, international organizations, companies, and environmental civic groups, drawing attention to whether it will help promote international environmental awareness and provide a momentum for global carbon reduction.

"Korea, as the fifth-largest exporter in the world and a member of the G20, will fulfill all its responsibilities as the chair of the 2021 P4G Seoul Summit," said Yoo Yeon-chul, the executive director of the 2021 P4G Seoul Summit Preparatory Office. "Though the summit, the Korean government will show the global community its strong commitment to combatting climate change, while promoting international cooperation ahead of the upcoming COP26," he added.

SOURCE Ministry of Foreign Affairs, Republic of Korea