"We highly value the potential of the Korean institutional sector in the clean technology fields necessary for building a sustainable global economy, such as batteries, hydrogen, and smart grids."
Mukhtar Babayev, chair of the 29th United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP29), recently noted the importance of Korea in the global response to climate change. Ahead of the upcoming COP30 in November, Babayev said, "We expect Korea to bring the constructive approach it demonstrated at COP29 to COP30."
COP is the world's largest climate summit where countries gather to discuss climate policy, with environmental officials from approximately 200 countries discussing climate change issues over two weeks. It has been held annually in a rotating format by continent since the first meeting in Berlin in 1995. Last year, the COP was held in Baku, the capital of Azerbaijan in Central Asia, and this year it will be in Belém, Brazil.
The most notable achievement at COP29 last year was the establishment of the new climate financing goal (NCQG). By 2035, the global community aims to expand climate finance to $1.3 trillion annually (approximately 1800 trillion won), of which $300 billion (approximately 415 trillion won) will be raised under the leadership of developed countries. Notably, the financial burden on developed countries has increased roughly three-fold from the previous target of $100 billion (approximately 138 trillion won) set in 2009. Additionally, the detailed rules of the international carbon market based on Article 6 of the Paris Agreement reached final consensus after nine years, establishing global standards for emissions trading.
At COP29, Korea drew attention by demonstrating a responsible attitude toward climate change, although it is not an obligated donor country. Korea promised to contribute an additional $300 million (approximately 415.3 billion won) to the Green Climate Fund (GCF) and pledged $7 million (approximately 970 million won) to the Loss and Damage Fund. As it has risen to the ranks of developed countries, Korea has not hesitated to support developing countries, which are experiencing greater damage despite contributing less to climate change.
Chair Babayev evaluated Korea's financial support promise as "an action beyond obligation, demonstrating Korea's true climate leadership." ChosunBiz conducted a written interview with Chair Babayev in July to understand how the agreements from COP29 are being implemented. Below are the key questions and answers.
---Is the NCQG agreement being implemented well?
"Since COP20, the environment surrounding climate action has become increasingly challenging. In particular, this year has tested the focus and determination of the parties involved due to the overlapping geopolitical crises and economic instability."
To be honest, during my visits to many developing countries this year, many expressed uncertainty about whether the funds promised at COP29 will actually reach them. This indicates a lack of trust in the NCQG.
To restore the trust of developing countries, the spending of official UNFCCC funds must be tripled by 2030, as agreed at COP29. Above all, each developed country must clarify as soon as possible how it will fulfill its fair share of the promised $300 billion target."
---There are also criticisms that developed countries' financial contributions are lacking.
"Ultimately, COP is a process where multiple countries come together to agree on the highest level of goals. We did our utmost last year to achieve the best possible results. Initially, a target amount of $250 billion was presented for the burden of developed countries, but we made it clear that we need to go one step further. As a result, we reached a final agreement of $300 billion, nearly three times the previous amount, and we take pride in our efforts that led to this outcome."
---What changes have occurred after agreeing on the detailed rules for the international carbon market?
"At COP29, we concluded a decade-long debate on the "high-integrity carbon market" equipped with stringent verification and certification procedures. Such markets can serve as a crucial tool in addressing the climate crisis and will bring a new wave of investment to climate projects in developing countries."
With agreed standards now established, both the private and public institutional sectors must actively utilize them, and markets that do not comply with the Paris Agreement's Article 6 must be promptly eliminated. The value of compliance-based carbon markets is estimated to reach $1 trillion annually by 2050.
In the case of Korea, it is encouraging to see a proactive embrace of high-integrity carbon markets. Currently, Korea is working with the UNFCCC and the Global Green Growth Institute (GGGI) to develop a voluntary carbon market that complies with the standards of Article 6 of the Paris Agreement. This is noteworthy as it can contribute to expanding private sector participation."
---Countries skeptical of climate action like the United States are emerging.
"Last year, there was significant concern that other countries could follow the United States in withdrawing from the COP process, but fortunately, that has not occurred so far."
Our top priority now is to maintain and safeguard this process so that no country retreats from its climate responsibilities. To do this, we must fulfill past commitments to demonstrate that climate action is bringing positive changes to people's lives.
Above all, developed countries must keep their financial commitments. Only then can we execute new projects that reduce carbon emissions globally, adapt to climate change, and promote sustainable development."
---There is a view that China is taking on the role of the United States in climate response. What are your thoughts on this?
"This year, many countries are demonstrating climate leadership, of which China is one. China has shown remarkable leadership in the technology sector necessary to achieve carbon neutrality and played a key role in persuading other developing countries during the process of deriving final climate finance goals at COP29."
However, this leadership is not unique to China. The United Kingdom announced its greenhouse gas reduction target (NDC) to reduce emissions by 81% from 1990 levels by 2035 at COP29, and other countries in East Asia are strengthening their energy transition goals. Korea has also set a goal of generating 70% of its power from zero-emission energy sources, including renewable energy and nuclear power, by 2038. Many countries recognize the need to take the lead in climate action."
---What discussions will take place at COP30?
"Climate finance will remain a key agenda at this year's meeting. Ahead of COP30, which will be hosted by Brazil, we are advancing the 'Baku to Belém Roadmap'. This roadmap aims to provide a clear and credible implementation plan to enable all actors, including the institutional sector and multilateral development banks, to participate in the annual climate finance mobilization of $1.3 trillion. At COP30, I hope for a candid discussion on how each country can implement this recommendation in line with its capabilities."
Meanwhile, Brazil emphasizes the importance of 'adaptation' in responding to the impacts of climate change. I hope a practical and actionable framework to measure the progress of climate adaptation will be agreed upon at COP30."
---What would you like to say to the Korean government and corporations?
"I am confident that Korea will continue the constructive approach it demonstrated at COP29 into COP30. This year, all countries are required to submit next-generation national climate plans, including emission reductions and climate adaptation, and broad collaboration among government, corporations, and civil society is essential. I hope Korea actively engages with these actors to secure substantive authority backed by societal consensus at COP30. Additionally, I look forward to Korea's active participation in the World Urban Forum to be held in Baku in 2026."