(Unofficial Translation)

Fellow Koreans, distinguished members of the Presidential Committee on Carbon Neutrality,

Achieving carbon neutrality is an unavoidable challenge that all humanity must take on together. We can do it. Our people have long paid attention to environmental issues and made campaigns to save the earth part of their daily lives – like separating trash for recycling and cutting back on food waste and single-use items. 

My Administration has taken decisive action to curb coal-fired power generation and focused on expanding renewable energy and promoting eco-friendly vehicles. With last year’s declaration to achieve carbon neutrality by 2050, we earnestly began to tackle the challenge of responding to climate change and attaining sustainable growth simultaneously. It is not an easy task considering the fact that manufacturing makes up a high percentage of our industrial structure, which is heavily dependent on fossil fuels. However, if it is difficult for us, the same is true for other countries. If other nations can do it, there is no reason we cannot do the same. We are already in possession of excellent battery, hydrogen, solar and other low-carbon technologies and are staying ahead of others in digital technology and the ability to innovate. Amid fierce international competition, carbon neutrality will actually become an opportunity for us to emerge as a pacesetting nation.

However, to successfully take on challenges, we need to unite everyone’s capabilities. Everyday practices, businesses’ innovative changes and the Government’s solid determination should be brought together as one. The launch of the Presidential Committee on Carbon Neutrality today will play a pivotal role. The European Union, the United States and many other countries around the world are making green investments at a massive scale. With the stirrings of new industries, technologies and jobs, tremendous opportunities are opening up. I urge the Carbon Neutrality Committee to take the lead. I hope it will help achieve the definitive transition to a low-carbon society, while keeping pace with the international community. I am deeply grateful to the 97 committee members, including Chairman Yun Sun-jin and Prime Minister Kim Boo-kyum, for taking on important missions. I ask everyone to have a sense of pride and heavy responsibility in ushering in a new future for the Republic of Korea. 

Fellow Koreans and members of the Presidential Committee on Carbon Neutrality, 

The Committee was created by boldly breaking existing frameworks. As innovation is needed everywhere, 78 civilians from such fields as climatology, energy, industry, labor, media, religion, education and local government will play a leading role with the ministers from 18 ministries and agencies participating as ex officio members. As a top presidential governing body, any strategies established by its eight subcommittees – those on climate change, energy innovation, the economy and industry, a just transition, science and technology and the others – will be implemented by the entire government acting in perfect unison. We will usher in an era of carbon neutrality for everyone by closely consulting with young people, businesses, civic groups, local governments and the working group of approximately 500 citizens selected for public policy deliberation.

The Committee faces some immediate tasks within the first half of this year: devising a blueprint for 2050 carbon neutrality and rapidly forming a plan to raise our interim 2030 Nationally Determined Contribution (NDC) goal even higher. Amid the considerable uncertainties arising from technological advancement and socio-economic changes over the coming three decades, we have to make carbon neutrality an unmistakable part of our future – an undeniably daunting task. I urge you to set reduction targets for such diverse sectors as energy, industry, transportation and construction by building on public consensus and to flesh out implementation methods. 

Carbon neutrality must be backed by technological and industrial innovation. Numerous businesses have already begun to make relevant efforts on their own. Twelve industries, including automobiles, semiconductors and displays as well as such heavy carbon-emitting industries as steel, petrochemicals and cement, are pursuing carbon neutrality. Companies are joining the RE100 project – which calls for using renewable energy exclusively when manufacturing goods – and speeding up ESG (environmental, social and corporate governance) management. In addition, a total of 112 financial institutions have declared their support for climate finance. We need to expand technology development R&D and significantly strengthen support for corporate R&D. I hope this Committee plays a pivotal role by cooperating with relevant ministries and agencies to ensure that fiscal spending and public financing provide pump priming for new investments in carbon neutrality.  

As the National Pension Service, one of the world’s three largest pension funds, has announced its coal-free strategy and intention to consider ESG factors when investing, I ask you to mobilize various means so that the public sector can serve as a pump primer for innovation. Special measures – like unprecedented financial and tax support as well as investments – must be put in place to develop new and breakthrough technologies for the transition to a low-carbon economy. Through these methods, we must develop many more, eco-friendly, world-leading technologies and products such as hydrogen-powered cars, batteries and energy storage systems. 
 
In the name of carbon neutrality, local governments are also actively embracing change. A total of 226 cities, counties and districts have adopted the Climate Emergency Declaration while the governments of provinces and major cities are collectively forming carbon neutral consultative councils. I ask the Presidential Committee on Carbon Neutrality and local governments to devise measures tailored to the characteristics of each region and identify the best way to achieve an inclusive and just transition that considers those businesses and workers vulnerable to the transformation of industries.

What is most important are people’s empathy and support. Carbon neutrality should be a task for the future and simultaneously something that makes us happy in the present. If civic groups and religious communities unite the hearts and minds of the people, each and every action taken for carbon neutrality will be rewarding, and Korea will be reborn as an exemplary nation for carbon neutrality. The Government will closely consult with the National Assembly to draft a framework act on carbon neutrality as soon as possible. We will definitely help the Presidential Committee on Carbon Neutrality succeed by forming a climate response fund from next year.

Fellow Koreans and members of the Presidential Committee on Carbon Neutrality, 

The people, businesses, local governments and civil society are harnessing the winds of change blowing toward carbon neutrality. Now, all that remains is to gather our capabilities and move forward faster. I hope that this Committee will become the central pillar of the Republic of Korea’s great transformation and move forward boldly toward the future.

At the P4G Seoul Summit beginning tomorrow, Korea will be at the forefront of international cooperation in response to the climate crisis. Let’s all start right now. The Government will treasure each and every action that our people take no matter how small as we usher in a new future full of hope. 

Thank you.