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The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), where the world gathers to discuss climate change response, is just one day away. The goal of creating new climate finance after 2025 and the negotiation of detailed implementation rules for Article 6 of the Paris Agreement are expected to become issues.
This year’s general meeting will be held in Baku, Azerbaijan, on the 11th. Approximately 40,000 people, including 198 parties, will attend. In Korea, a government delegation consisting of officials and experts from related ministries such as the Ministry of Foreign Affairs, the Ministry of Trade, Industry and Energy, and the Ministry of Strategy and Finance will participate, led by Minister of Environment Kim Wan-seop as the chief representative. A total of 90 agenda items are covered, including reduction, adaptation, financial resources, Article 6 of the Paris Agreement, implementation inspection, and loss and damage.
The most acute issue is the new climate finance target (NCGQ) after 2025. The international community agreed to raise $100 billion annually by 2020 at the 16th Conference of the Parties held in 2010, and extended the deadline to before 2025 at the 21st Conference of the Parties in 2015. As the deadline approaches, the key is how to set up the next financial resources. Developed countries are taking the position of mobilizing financial resources by broadening the scope of donor countries to include private resources, but developing countries are fighting back and demanding that developed countries fulfill their obligations based on public resources.
Article 6 of the Paris Agreement is also a sensitive issue. Article 6 of the Paris Agreement relates to voluntary cooperation between the parties. When a developed country carries out a greenhouse gas reduction project in a developing country, the system that recognizes the performance as reduction amount is based on Article 6. Although it is a key provision in the international carbon market, detailed implementation guidelines have not yet been established. Developed countries emphasize ‘environmental soundness and transparency’, but developing countries believe that flexible operation of reduction projects is important.
In the greenhouse gas reduction sector, negotiations are held on a resolution for the practical implementation of the ‘Greenhouse Gas Reduction Work Program (MWP)’. Negotiations will also begin on guidelines for the characteristics of the National Greenhouse Gas Reduction Target (NDC). This is the first negotiation since discussions were transferred in accordance with the detailed implementation rules of the Paris Agreement.
Regarding climate change adaptation, detailed indicators for implementing the ‘global adaptation goal’ are reviewed. The global adaptation goal is a plan adopted at the 28th Conference of the Parties last year. The goal is to improve adaptation capacity, strengthen climate resilience, and reduce vulnerability to climate change.
The fund to respond to loss and damage is expected to seek a cohesive operation plan among related organizations.
Minister of Environment: “Korea can play a role as a bridge between developed and developing countries”
Minister of Environment Kim Wan-seop participates in the keynote speech (state speech) at high-level meetings as the chief representative of the government delegation of the Republic of Korea. Minister Kim plans to emphasize the importance of strengthening domestic and international climate action for practical implementation of the Paris Agreement and introduce the current status of Korea’s carbon neutral policy implementation. In addition, it is expected that domestic greenhouse gas emissions have been decreasing since peaking in 2018, and will share the will to establish an advanced ‘2035 National Greenhouse Gas Reduction Goal (NDC)’.
In particular, Minister Kim Wan-seop plans to introduce the ‘Plan to expand support for transparency education programs and build an expert network (tentative name: KCTA)’. KCTA is a program to realize the Korean government’s ideals, and its goal is to strengthen its role as a green ladder to help countries vulnerable to climate change achieve sustainable growth as a capable middle power.
From the 18th to the 20th, local time, we will meet with Bobker Hoekstra, member of the European Commission’s Climate Action Committee, to request measures to relieve the burden on our industry for the carbon border adjustment system to be implemented in 2026. We will also meet with Ed Miliband, UK Minister of Energy Security and Carbon Neutrality, and share the 29th domestic carbon neutrality plan and efforts. We will also hold bilateral meetings with Singapore, Australia, and the United Nations Environment Program (UNEP) and request cooperation at the 5th Intergovernmental Negotiating Committee (INC-5) on the Plastics Convention, which will be held on November 25 in Busan, Korea.
Minister of Environment Kim Wan-seop said, “At a time when uncertainty about the conditions for promoting climate change policies in the international community is increasing, it is important to create a foundation that can actually implement the international community’s promises to respond to the climate crisis.” “I will act responsibly as a member of society,” he said.
Meanwhile, the Korean delegation plans to cooperate with major countries and the Environmental Integrity Group (EIG) to serve as a bridge between developed and developing countries. The Environmental Integrity Group is a climate change negotiation group comprised of Korea, Switzerland, Mexico, Monaco, Liechtenstein, and Georgia.
The Korea Promotion Center set up at the Baku Stadium prepared 41 side events to enable various entities, including industry, academia, and youth, to engage in climate change response activities in the international community. A space was also prepared to display and promote Korea’s excellent technologies under the theme of ‘realizing a circular economy and low-carbon economy through green technology.’
Sejong = Reporter Song Seung-seop tmdtjq8506@asiae.co.kr
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