(Unofficial Translation)

Your Excellencies, President Biden and other heads of state and government,

I wholeheartedly welcome the opening of the Major Economies Forum on Energy and Climate. I’d like to express my respect for President Biden’s leadership.

Throughout this year, the first for implementing the Paris Agreement, world leaders have put their heads together to respond to the climate crisis at every important juncture, ranging from the Leaders Summit on Climate in April to today’s Major Economies Forum. Through the U.N. General Assembly, theG20 Summit, COP26 and other occasions, we leaders will continue to take stock of the progress made and gather insights. It is very encouraging to see that the world has begun to take action in earnest to save the Earth.

The Republic of Korea, together with its people and the Government as well as businesses and local governments, is also seeking the best way for transitioning to a low-carbon economy. After announcing the Korean New Deal 2.0 with its added goal of carbon neutrality, Korea enacted the Framework Act on Carbon Neutrality, becoming the14th country to legally define carbon neutrality. Accordingly, a plan for achieving the goal of carbon neutrality by 2050 will be concluded next month. We are also working hard to make last-minute preparations to announce further improved 2030 Nationally Determined Contributions at COP26 in November.

Companies are also voluntarily participating in the RE100 project and expanding investments in renewable energy to speed up ESG management and carbon neutrality. Korea’s top fifteen private-sectorcompanies have formed a hydrogen alliance and pledged to invest 43.4 trillion won in all areas of the hydrogen economy by 2030. The automobile industry has also declared the goal of achievingcomplete carbon neutrality by 2045, including in the vehicle production process. The Government will focus its policy efforts to ensure that companies’ voluntary endeavors serve as an opportunity for a new leap forward.

All of Korea’s 243 local governments have jointly declared a 2050 carbon neutrality goal – a world first. In addition, the Catholic Church declared on its own a movement to practice carbon neutrality in a bid to achieve the goal by 2040. The Government will support social movements on carbon neutralitycarried out by religious communities and civicorganizations to steer them toward a pan-national campaign. Our people have so far managed to bringthe Green Climate Fund (GCF) and the Global Green Growth Research Institute (GGGI) to Korea and have joined the efforts of neighboring countries by voluntarily creating climate funds and providing grants. 

Korea deeply sympathizes with international efforts to reduce methane as well. We are now formulating detailed methane reduction plans in the sectors of energy, agriculture and waste. Although Korea’s greenhouse gas emissions contain a relatively small amount of methane compared to other countries, weplan to actively seek ways to reduce methane emissions in the process of enhancing our 2030 Nationally Determined Contributions.

Korea’s experience of starting as a poor and newly independent country after World War II and taking a leap forward to become an advanced country can inspire developing and advanced nations to link and keep up with each other. I can confidently say that advanced and developing countries coming together to adopt the Seoul Declaration at the P4G Seoul Summit in May has contributed to raising a sense of solidarity in the international community. Korea intends to play a more active role in achieving carbon neutrality by hosting the 28th session of the Conference of the Parties (COP 28) to the UNFCCCin 2023. I ask for the interest and support of all of the world leaders present.

Achieving carbon neutrality is a very difficult task, and each country has different circumstances. The timing of when greenhouse gas emissions peaked also varies from country to country. However, the world has taken a vigorous step toward carbon neutrality even amid the hardships caused by COVID-19, and we must certainly succeed together for the sake of coexistence with nature. As we reaffirm our commitment to carbon neutrality today, I look forward to our solidarity and cooperation being strengthened further. 

Thank you.