President Moon Attends MEF at Biden's Invitation, Expresses Commitment to Hosting COP28 (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] On the evening of the 17th Korean time, President Moon Jae-in attended the Major Economies Forum on Energy and Climate (MEF) at the invitation of U.S. President Joe Biden, introducing South Korea's efforts toward carbon neutrality and expressing the intention to host the 28th United Nations Climate Change Conference of the Parties (COP28).

President Moon stated at the MEF, held in a private video conference format, "Through hosting COP28 in 2023, South Korea aims to take a more active role in achieving carbon neutrality."

The MEF is a forum launched by the United States in 2009 to ensure the successful hosting of the UN Climate Change Conference of the Parties and to promote greenhouse gas reduction and clean energy dissemination. It was suspended during the Trump administration but revived under President Biden. The MEF session was also held at the Climate Summit in April.

The purpose of this forum, held six weeks before COP26, was to urge the establishment of concrete climate change response measures, including achieving carbon neutrality by 2050 and enhancing the 2030 Nationally Determined Contributions (NDCs).

President Moon emphasized the necessity of international cooperation to address the climate crisis, saying, "In this year, the first year of implementing the Paris Agreement, the world has come together at key moments?from the April Climate Summit to today's Major Economies Forum?to tackle the climate crisis," and expressed South Korea's commitment to contributing to the realization of carbon neutrality by 2050.

He also introduced the efforts of companies, local governments, and citizens toward carbon neutrality. President Moon said, "Companies are voluntarily participating in RE100 (Renewable Electricity 100%), and fifteen leading private companies representing the Korean economy have formed a hydrogen alliance, pledging to invest 43.4 trillion won in all sectors of the hydrogen economy by 2030," adding, "The government will focus policy efforts to ensure that these voluntary corporate initiatives become opportunities for new leaps forward."

He continued, "All 243 local governments in Korea jointly declared carbon neutrality by 2050, the first in the world, and the Catholic Church has independently declared a movement to achieve carbon neutrality by 2040," adding, "The Korean people have hosted the Green Climate Fund (GCF) and the Global Green Growth Institute (GGGI), and have worked together with neighboring countries through voluntary climate finance mobilization and contributions."

President Moon reaffirmed that last month, South Korea became the 14th country in the world to legally define carbon neutrality with the enactment of the 'Carbon Neutrality Basic Act,' and that next month, the '2050 Carbon Neutrality Scenario' will be finalized, with an enhanced 2030 NDC to be announced at COP26 in November.

He particularly noted, "Although methane accounts for a smaller proportion of national greenhouse gas emissions in Korea compared to other countries, we plan to actively explore methane reduction measures during the 2030 NDC enhancement process," stating that specific methane reduction plans are being developed in the energy, agriculture, and waste sectors.

[Image source=Yonhap News]

President Moon said, "Korea's experience of starting as a poor newly independent country after World War II and advancing to a developed country can provide inspiration by bridging developing and developed countries," expressing the intention to host COP28 in 2023 and appealing for support from world leaders.

He emphasized, "Carbon neutrality is a very difficult task, and circumstances vary by country, but the world has taken strong steps toward carbon neutrality despite the difficulties of COVID-19, and we must succeed together for coexistence with nature."

The Blue House evaluated, "This forum further strengthened the momentum of the international community's response to climate change and served as an opportunity for major country leaders to discuss not only the enhancement of national greenhouse gas reduction targets but also more concrete implementation measures," adding, "Our government has once again declared a strong commitment to 2050 carbon neutrality and the enhancement of the 2030 NDC to the international community and will continue to strengthen climate leadership after this forum."

Meanwhile, President Biden stated in his opening remarks, "This meeting is held as a follow-up to the April Climate Summit," and explained the purpose as "to fulfill the commitment to the American people to respond to the climate crisis."

U.S. Secretary of State Antony Blinken also emphasized in his welcoming remarks, "The purpose of this meeting is to strengthen joint responses to climate change," adding, "No challenge will have such a significant impact worldwide."