Green Future Week Enhanced Momentum for Innovative Solutions Ahead of P4G Summit

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From May 24-29, the Republic of Korea led a series of dynamic discussions as part of Green Future Week to share its innovative technology to scale investment. Kicking off the Opening Ceremony, Chung Eui-yong, Minister of Foreign Affairs, Republic of Korea, defined the themes of inclusivity and bringing together diverse stakeholders as a key focus of the week and where P4G contributes great value through its impactful partnerships on the ground. The sessions underscored the need to build back better and greener as the world continues pursues an equitable recovery from the COVID-19 pandemic.  

At the “Green New Deal: Clean Transition to the Green Economy” session, the discussion centered around climate finance as key to achieving national ambitions of net neutrality by 2050 and the urgency of unlocking more private capital. This is where P4G was noted as adding global value by demonstrating a model to increase private investment. The session built on Korea’s announcements that it will invest 3.8 percent of its GDP in Green New Deal projects including green infrastructure, renewable energy and green mobility.  

Several sessions, including the “Actions of Local Governments towards Carbon Neutrality” breakout, highlighted the importance of tailoring local and regional measures on climate, especially in terms of creating jobs and providing financial incentives. The focus on financing echoed throughout the week as necessary to scaling solutions across areas. In “Hope for the Future, ‘Biodiversity Restoration,’” the discussion emphasized nature-based solutions as a crucial area where financial sector leadership can capitalize on momentum for mainstreaming targeted policies and investments to scale and accelerate regeneration.    

The “Business Paradigm Shift in the Era of ESG & Green Tech” session emphasized that corporations are an integral part of the race to net zero. Their transition will be driven by leadership that prioritizes medium- and long-term investments rather than short term profits through new technologies, increased efficiencies and other innovations. Speakers noted the importance of communication and collaboration delivered through initiatives like P4G. Chey Tae-won, Chairman of SK Group and incoming Chief of the Korean Chamber of Commerce and Industry noted, "I sincerely hope that the P4G, a global platform participated in by different stakeholders will play a decisive role in forming a strong collaboration at a global level."  

Throughout the week, P4G partnerships were featured as examples of multi-country collaboration for innovative market-based solutions. The “Building Back Bluer Through Ocean” session emphasized the need to decarbonize shipping through P4G’s Getting to Zero Coalition partnership, which urged key stakeholders to bridge the competitiveness gap between carbon-based fuels and zero-carbon energy sources to unlock opportunities for developing countries. In “Forests for Global Net-Zero and Peace,” P4G’s Agroforestry for People, Peace and Prosperity partnership served as an example of partnering to restore the forest ecosystem and generate sustainable income for local residents amidst the challenges posed by COVID-19. 

The “Green Technology: Path Finder for Carbon-Neutral Society” session emphasized Korea's commitment to investing in green technology and cooperating with other countries for climate technology development. Private sector leaders discussed strategies to take a whole supply chain approach to going carbon neutral, including through exploring viable strategies for scaling technologies such as green hydrogen, artificial intelligence, and bio-based resources. P4G was hailed as a valuable platform in delivering inclusive partnerships, and Mark Radka, Acting Director of the UN Environment Programme shared P4G’s role as a “fellow traveler in forward-looking, altruistic implementation.” 

At one of the final sessions, "The Role of Finance: Fostering Green Recovery in the Post COVID-19 Era” the discussion focused on mobilizing investment in green technologies and infrastructure needed for the global low-carbon transition. Keynote speakers, including Makhtar Diop, Managing Director at the International Finance Corporation, shared the critical role public-private partnerships will play in the transition to carbon neutrality, especially in the leadup to COP26.  

"Partnerships between the public and private sector are key to unlocking clean energy future. Organizations like P4G and efforts like these are key to making that future a reality,” said Diop.  

Access recordings of all of the Green Future Week sessions here.

Subject

P4G Summit

Country

Republic of Korea

Publication Date

2021-06-04