P4G Seoul Summit ends with shared commitment to inclusive green recovery for carbon neutrality

SEOUL, May 31 (Yonhap) -- Global leaders adopted a joint statement on their commitment to efforts toward achieving carbon neutrality through "inclusive green recovery" from the COVID-19 pandemic on Monday as they wrapped up a two-day climate summit hosted by South Korea. The 2021 P4G Seoul Summit, held largely online, brought together more than 60 leaders and other top government officials and heads of international organizations. "We recognize the climate crisis as an urgent global threat whose impacts reach beyond the environment agenda to include economic, social, security and human rights-related challenges," they stated in the Seoul Declaration. They agreed to strengthen international cooperation to promote "energy transition by increasing the share of renewables" such as solar and wind energy. Among specific measures cited are phasing out existing coal-fired power plants and halting public financing for overseas construction of such plants and promoting the use of clean hydrogen, particularly in hard-to-abate sectors. The participants agreed to further bolster cooperation to implement the Paris Agreement, reaffirming the goal of limiting the temperature hike to well below 2 C, aiming for 1.5 C above pre-industrial levels. "We agree on the severity of marine pollution and the need for global solidarity to address not least marine plastic issues," the 14-point statement reads. It added, "We take note that the oceans serve as natural carbon sinks and will make efforts to strengthen the sustainability of the oceans through decarbonization of maritime transport and prevent additional marine pollution." They also agreed to strive for green recovery from the COVID-19 crisis as an "inclusive process that reflects a just transition," taking into account different national circumstances as well as socially and environmentally vulnerable communities. Summing up the outcome of the P4G summit in person, Moon said that it has helped unite the will of the international community to realize "inclusive green recovery toward carbon neutrality." "The P4G Seoul Summit will be a stepping stone for the success of the 26th United Nations Climate Change Conference of the Parties (COP26) to be held in November," he said. On the occasion of the first multilateral summit on climate its hosts, South Korea announced plans to provide P4G with a new US$4 million grant and significantly increase its official development assistance (ODA) associated with climate and green projects by 2025. It marked the second P4G summit following the inaugural one held in Copenhagen in 2018. Colombia plans to host the next P4G summit in 2023. P4G stands for Partnering for Green Growth and the Global Goals 2030, a multilateral initiative to promote public-private efforts for inclusive solutions to challenges in advancing the Sustainable Development Goals (SDGs) and the Paris Agreement. lcd@yna.co.kr (END)