Expressed Commitment to Expanding Green ODA at G7 Summit Expanded Talks
Urged Participation in Replenishing Green Climate Fund Resources
President Yoon Suk-yeol announced on the 20th that South Korea will join the Climate Club led by the Group of Seven (G7) and expand green Official Development Assistance (ODA) to support the green growth of developing countries.
On the afternoon of the 20th, President Yoon attended the second session of the expanded G7 summit held in Hiroshima, Japan, and stated, "We will actively align with the G7's efforts to address climate issues," according to Choi Sang-mok, the senior economic secretary of the presidential office, during a local briefing.
At this meeting, President Yoon decided to participate in the G7-led Climate Club. The Climate Club, initiated by German Chancellor Olaf Scholz, is currently being discussed by the G7 and some developing countries and is expected to be established at this year’s United Nations Climate Change Conference (COP28). The Climate Club aims to achieve rapid decarbonization worldwide through ▲promoting climate action ▲revitalizing the clean economy ▲strengthening international cooperation.
Senior Secretary Choi explained, "This is to actively pursue carbon-neutral policies and foster low-carbon new industries in response to the global decarbonization transition."
He added, "In the area of clean economy revitalization, which is expected to be discussed first, discussions on fostering low-carbon new industries, forming markets for eco-friendly products, and international standardization in the industrial sector are expected to intensify. The government will actively participate in the Climate Club discussions while strengthening the response capabilities of our industries and creating new business opportunities," he emphasized.
President Yoon also pledged to strengthen South Korea’s support for the green growth of developing countries. South Korea has led the establishment of the Global Green Growth Institute (GGGI) and, during last year’s Asian Development Bank (ADB) annual meeting, agreed to establish the ADB Climate Technology Hub. In particular, President Yoon announced that South Korea will continue to share innovative green technologies with the international community and expand related ODA.
President Yoon also called for active international participation in replenishing the Green Climate Fund (GCF). The GCF is an organization established under the United Nations Framework Convention on Climate Change (UNFCCC) and is headquartered in Songdo, Incheon.
Senior Economic Secretary Choi Sang-mok stated, "Although we are a developing country without historical responsibility for global warming under the UNFCCC, we have contributed a total of 300 million dollars to the GCF so far," adding, "We are actively engaged in the ongoing discussions for the second replenishment of funds. We will cooperate with the international community to ensure that the second replenishment exceeds the first replenishment amount of 10 billion dollars."
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