President Moon: "Korean Leading Companies Promise 43.4 Trillion Won Investment in Hydrogen Economy"

Attending Major Economic Forum (MEF), "Actively Seeking South Korea's Methane Reduction Measures"

[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in attended the Major Economies Forum (MEF) on the 17th and said, "Korean companies representing the Korean economy have formed a hydrogen alliance and promised to invest 43.4 trillion won in the hydrogen economy," White House spokesperson Park Kyung-mi reported on the 18th.

President Moon said, "Korean companies are voluntarily participating in RE100, expanding investments in renewable energy, accelerating ESG management and 'carbon neutrality.'"

President Moon attended the Major Economies Forum (MEF) on energy and climate from 9:30 PM to 11:10 PM on the 17th at the invitation of U.S. President Joe Biden.

[Image source=Yonhap News]

The MEF was attended by the UN Secretary-General, the President of the European Commission, the President of the European Council, the President of Indonesia, the President of Mexico, the President of Argentina, the President of Bangladesh, the Prime Minister of the United Kingdom, the Prime Minister of Australia, the Prime Minister of Italy, the Prime Minister of Japan, China’s Climate Envoy, Russia’s Special Envoy, Indian ministers, German ministers, and others.

President Biden warned that the global climate crisis has reached a red alert level and urged countries to submit ambitious greenhouse gas reduction targets (NDCs) before COP26. He also requested major countries to participate in the ‘Global Methane Pledge,’ which is scheduled to be launched at COP26.

President Moon expressed active willingness to participate. He said, "The automobile industry has also declared to achieve complete carbon neutrality by 2045," adding, "The government will focus policy efforts to ensure that companies’ voluntary efforts can become an opportunity for a new leap forward."

President Moon explained, "All local governments in Korea jointly declared 2050 carbon neutrality for the first time in the world, and the Catholic Church has also declared a practice movement to achieve carbon neutrality by 2040 on its own."

Furthermore, President Moon said, "Korea is also actively sympathetic to international methane reduction cooperation," and added, "Korea is currently establishing concrete methane reduction plans in the energy, agriculture, and waste sectors, and plans to actively seek methane reduction measures during the 2030 NDC enhancement process."

Spokesperson Park conveyed, "John Kerry, U.S. Climate Envoy, paid tribute to President Moon’s strong leadership and said that the Major Economies Forum (MEF) will continue to be used as an international cooperation platform for practical greenhouse gas reduction implementation even after COP26."