The 29th United Nations Climate Change Conference of the Parties (COP29), where the world gathers to discuss responses to climate change, is just one day away. The main issues are expected to be the new climate finance mobilization targets post-2025 and the detailed implementation rules negotiations for Article 6 of the Paris Agreement.
This year’s conference will be held on the 11th in Baku, Azerbaijan. Approximately 40,000 people, including representatives from 198 parties, will attend. From South Korea, a government delegation led by Environment Minister Kim Wan-seop as the chief representative, along with officials and experts from the Ministry of Foreign Affairs, Ministry of Trade, Industry and Energy, Ministry of Economy and Finance, and other related ministries, will participate. A total of about 90 agenda items will be addressed, covering topics such as mitigation, adaptation, finance, Article 6 of the Paris Agreement, implementation review, and loss and damage.
The most contentious issue is the new climate finance mobilization goal (NCGQ) after 2025. The international community agreed at the 16th Conference of the Parties in 2010 to mobilize $100 billion annually by 2020, and at the 21st Conference in 2015, extended the deadline to before 2025. With the deadline approaching, how the next finance target will be set is critical. Developed countries advocate broadening the scope of donors to include private finance to mobilize resources, while developing countries insist that developed countries fulfill their obligations based on public finance.
Article 6 of the Paris Agreement is also a sharp issue. Article 6 relates to voluntary cooperation among parties. It establishes a system where if developed countries carry out greenhouse gas reduction projects in developing countries, the results are recognized as emission reductions. Although it is a key provision for the international carbon market, detailed implementation guidelines have not yet been established. Developed countries emphasize “environmental integrity and transparency,” but developing countries consider flexible operation of reduction projects important.
In the greenhouse gas reduction sector, negotiations will be held on a decision text for the practical implementation of the “Mitigation Work Programme (MWP).” Negotiations will also begin on the guidance for the characteristics of Nationally Determined Contributions (NDCs). This is the first negotiation since the discussion was transferred under the detailed implementation rules of the Paris Agreement.
Regarding climate change adaptation, detailed indicators for implementing the “Global Goal on Adaptation” will be reviewed. The Global Goal on Adaptation was adopted at last year’s 28th Conference of the Parties. Its aim is to enhance adaptive capacity, strengthen climate resilience, and reduce climate vulnerability.
Funds for addressing loss and damage are expected to seek cohesive operational measures among related organizations.
Environment Minister: “South Korea Can Serve as a Bridge Between Developed and Developing Countries”
Environment Minister Kim Wan-seop will participate in the high-level meeting’s keynote speech (national statement) as the chief representative of the South Korean government delegation. Minister Kim plans to emphasize the importance of strengthening domestic and international climate actions for the practical implementation of the Paris Agreement and introduce South Korea’s progress in implementing its carbon neutrality policies. He will also highlight that South Korea’s greenhouse gas emissions peaked in 2018 and have been on a downward trend since, sharing the commitment to establish an advanced form of the “2035 Nationally Determined Contribution (NDC).”
In particular, Minister Kim Wan-seop is expected to present the plan for the “Expansion of Transparency Education Program Support and Establishment of an Expert Network (tentatively named KCTA).” KCTA is a program designed to realize the ideals of the Korean government, aiming to strengthen its role as a green ladder that supports the sustainable growth of countries vulnerable to climate change as a capable middle power.
From the 18th to the 20th local time, Minister Kim will meet with European Commission Climate Action Commissioner Bob Hockstra to request measures to alleviate burdens on South Korea’s industries regarding the carbon border adjustment mechanism to be implemented in 2026. He will also meet with Ed Miliband, UK Secretary of State for Energy Security and Net Zero, to share South Korea’s 29th domestic carbon neutrality promotion plans and efforts. Bilateral talks will also be held with Singapore, Australia, and the United Nations Environment Programme (UNEP) to request cooperation for the 5th Intergovernmental Negotiating Committee (INC-5) of the Plastic Treaty, scheduled to be held in Busan, South Korea, on November 25.
Environment Minister Kim Wan-seop stated, “At a time when uncertainties about the international community’s climate change policy environment are increasing, it is important to establish a foundation that can realize the international community’s commitments to respond to the climate crisis,” adding, “South Korea will also act responsibly as a member of the international community.”
Meanwhile, the South Korean delegation plans to play a bridging role between developed and developing countries in cooperation with major countries and the Environmental Integrity Group (EIG). The Environmental Integrity Group is a climate change negotiation group consisting of South Korea, Switzerland, Mexico, Monaco, Liechtenstein, and Georgia.
At the South Korea promotional booth set up at Baku Stadium, 41 side events have been prepared to enable various stakeholders such as industry, academia, and youth to engage in climate change response activities in the international community. A space has also been arranged to exhibit and promote Korea’s excellent technologies under the theme “Realizing a Circular Economy and Low-Carbon Economy through Green Technology.”
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