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The Korea Chamber of Commerce and Industry (KCCI) and the industrial sector will attend the 'Climate Summit' to discuss responses to climate change policies, including the promotion of Asia's voluntary carbon market (VCM). Given that Asia accounts for about 60% of the world's carbon emissions, they plan to share the view that Asia must take the lead in realizing carbon-neutral solutions.

Seoul Jung-gu Korea Chamber of Commerce and Industry building. Courtesy of Korea Chamber of Commerce and Industry

On the 18th, KCCI announced that it has dispatched an industrial delegation to the '29th United Nations Climate Change Conference of the Parties (COP29)' held in Baku, Azerbaijan, until the 22nd (local time).

COP29 is an annual event where governments from around the world gather to discuss climate change response policies. At the 2015 Paris Agreement (COP21), an agreement was made to limit the global average temperature rise to below 2 degrees Celsius compared to pre-industrial levels and to expand carbon reduction obligations from developed countries alone to all parties to the agreement.

Approximately 40,000 participants, including representatives from 198 parties' governments and corporate officials, will attend COP29. Attention is focused on setting climate finance goals (NCQG) for climate change response and the possible conclusion of detailed operational rules for the international carbon market (Article 6 of the Paris Agreement).

According to KCCI, the delegation consists of SK, LG, HD Hyundai Heavy Industries, power generation companies, and others. On the 20th, the delegation will hold a conference titled "Status and Challenges of Korea's Industrial Sector's Carbon Neutral Response," introducing the current status of Korean companies' carbon neutrality efforts.

Samsung Electronics will present its use of renewable energy for carbon reduction and the development status of ultra-low-power semiconductors aimed at reducing carbon emissions during the product usage phase. POSCO plans to announce trends in hydrogen reduction steelmaking technology development to achieve carbon neutrality by 2050. Korea Western Power will showcase comprehensive energy solutions including renewable energy, hydrogen energy, and carbon capture, utilization, and storage (CCUS) technologies. Woowa Brothers will introduce solutions to reduce carbon emissions during product transportation.

KCCI's Carbon Reduction Certification Center plans to sign memorandums of understanding (MOUs) with the India Carbon Market Association (CMAI) and ACI, Singapore's sole voluntary carbon reduction certification body, to activate the VCM. The voluntary carbon market is a market where companies, local governments, and individuals voluntarily undertake carbon reduction projects and trade the resulting carbon reduction credits. It is distinct from the government's greenhouse gas emissions trading system, which allocates and trades emission permits.

The delegation plans to understand negotiation trends through meetings with the government and propose corporate opinions on the 2035 Nationally Determined Contribution (NDC) and the establishment of an international carbon market.

Cho Young-jun, Director of KCCI's Sustainability Management Institute, said, "COP29 will be an opportunity for our industrial sector to grasp trends related to the new climate regime under the Paris Agreement and to explore carbon neutrality implementation strategies." He added, "KCCI will swiftly monitor international negotiation trends and support the industrial sector in creating new business opportunities such as zero-carbon energy and CCUS necessary for the carbon-neutral era."

Since the 3rd Conference of the Parties in 1997 (Kyoto, Japan), KCCI has dispatched delegations as an officially approved observer by the United Nations (UN) to explore business strategies for companies under the climate change convention.