[Contribution] A smart way forward for South Korea's climate agenda

Dr. Mahmoud Mohieldin (Courtesy of Climate Champions)

By Mahmoud Mohieldin

On a recent mission to Songdo International Business District in Incheon, I was pleased to see how sustainability and resilience have been prioritized in planning this 21st century city. From light-emitting diode streetlights to solar energy supplies and rainwater storage facilities, to networks of bicycle lanes and a 100-hectare public park, Songdo is a “smart” and “green” city in every sense of the word.

My country, Egypt, has also recognized the importance of digital innovation in helping us meet the challenge of climate change at the local level. Last year, ahead of hosting the 2022 United Nations Climate Change Conference (COP27), the Egyptian government launched the “National Initiative for Green and Smart Projects in Egypt’s Governorates.” Through a national competition, this pioneering initiative selected 18 winning projects -- in six different categories -- among 162 eligible projects presented from the country’s 27 governorates. These projects aim at using innovative technology in providing localized climate solutions. The initiative enhances collaboration between key stakeholders in all governorates of Egypt on the urgent issue of climate change and empowers all members of society including women, youth and the business sector, to contribute to the national efforts of combating its negative impacts.

In my role as UN climate change high-level champion for COP27, I am pleased to chair the National Judging Committee responsible for the selection of the winning projects and champion the power of collective action between governments and the non-state actor (NSA) community to move the dial on localized climate action.

Similarly, cities play a crucial role in advancing the Sharm El Sheikh Adaptation Agenda which was launched at COP27 by the COP27 Presidency with support from the high-level champions. It’s the first global initiative to inform state and NSA climate adaptation agenda items by setting 30 measurable adaptation goals in five impact systems (food and agriculture, water and nature, coastal and oceans, human settlements and infrastructure).

From a commitment to cut air pollution emissions by half by 2030, to working towards a Zero Waste Seoul, I congratulate Seoul Mayor Oh Se-hoon on his visionary leadership and also on his recent election as Vice Chair of the C40 Steering Committee earlier this year. C40 is a global network of mayors taking urgent action to confront the climate crisis, something Mayor Se-hoon has been undertaking in Seoul for more than a decade.

Business and investors also have a key role in helping us create a more resilient world. This is evident in Korea’s response to the huge economic opportunity offered by technology shifts in the real economy. The country’s three major battery producers, LG Energy Solution, Samsung SDI and SK Innovation’s SK On, together command more than a quarter of the global electric vehicle battery market. They also supply major automakers, including Tesla Inc., General Motors and Volkswagen, among others.

Last year, the Korean government launched a battery alliance to better source key metals as part of its strategy to strengthen the growing industry. With global sales of electric cars surpassing 10 million for the first time in 2022, this is the direction of travel the country needs to go with radical collaboration between governments and business driving momentum.

In response to the recent Intergovernmental Panel on Climate Change (IPCC) Synthesis Report, United Nations Secretary-General Antonio Guterres called for all Group of 20 members to come together through their public and private sectors to make carbon neutrality a reality by 2050. This includes ceasing all licensing or funding of new oil and gas consistent with the findings of the International Energy Agency.

Korea is well placed to meet these demands with the country planning to reduce its reliance on fossil fuel imports from 81.8 percent in 2021 to around 60 percent by 2030. It’s also one of the early movers in the development of hydrogen projects with a group of five leading South Korean firms unveiling joint plans to invest more than $38 billion in such ventures by 2030.

I was in Songdo to attend the 35th Board Meeting of the Green Climate Fund. Born out of the Paris Agreement, it’s the world’s largest climate fund which aims to support developing countries raise and realize their Nationally Determined Contributions (NDCs). The meeting closed with the approval of $587.7 million for seven new projects in developing nations. But this is just a drop in the ocean.

Emerging markets and developing countries other than China will need to spend around $1 trillion per year by 2025 and around $2.4 trillion per year by 2030, according to the Finance for Climate Action Report commissioned by the UK COP26 and Egyptian COP27 presidencies and the Climate Champions. Yet developed countries have yet to meet a pledge of $100 billion per year from 2020 onwards.

To help bridge this gap, last year the COP27 Presidency, the UN Regional Commissions and the champions held five regional forums for financiers, businesses, governments and others to showcase more than 400 projects costing a combined $566 billion. Now we’re looking to match those projects with finance from commercial banks, multilateral development banks and philanthropy to have a fair percentage financed by COP28.

I look forward to my next visit to Songdo. Korea and the wider Asia-Pacific Region have the potential to really step up to and deliver on the defining issue of our time as evidenced in it being the fastest-growing region in the Race to Zero campaign last year.

Working together, public and private, states and non-states -- we have never been better equipped to overcome the climate challenge. But we need to act today. We don’t have a moment to lose.

Dr. Mahmoud Mohieldin is the UN climate change high-level champion for Egypt's COP27. -- Ed.

By Korea Herald(khnews@heraldcorp.com)