S.Korea pledges bigger cuts to emissions, $5 million for new green deal fund By Reuters

© Reuters. FILE PHOTO: South Korean President Moon Jae-in in Washington, U.S., May 21, 2021. REUTERS/Sarah Silbiger

By Hyonhee Shin

SEOUL (Reuters) – South Korea’s President Moon Jae-in mentioned on Sunday that the nation will increase its purpose for lowering greenhouse gasoline emissions and create a $5 million “Green New Deal” fund to assist pace up growing international locations’ transitions to renewable vitality.

Moon made the pledges in a speech to a gap ceremony for the 2021 Partnering for Green Growth and the Global Goals 2030, or P4G, summit, which kicked off for a two-day run on-line amid the coronavirus pandemic.

Organisers of the summit are calling for collaborating international locations to take motion to implement emissions targets made at different local weather summits.

Moon mentioned the nation would increase its emissions discount purpose and unveil it on the U.N. Climate Change Conference to be held within the Scottish metropolis of Glasgow in November.

Seoul had set a goal of net-zero emissions by 2050 and pledged to scale back its emissions by 37% from business-as-usual ranges by 2030, finish funding of abroad coal vegetation, and introduce a carbon tax.

South Korea can even launch a $5 million “Green New Deal” fund by 2025 throughout the Global Green Growth Institute (GGGI) and donate $4 million to assist the operation of P4G, Moon mentioned.

The GGGI is a global organisation that was arrange in Seoul in 2010 to assist rising international locations to battle local weather change whereas boosting financial progress.

The pledges have been seen as a bid to present South Korea’s management because the host of the summit, although the nation stays one of many world’s most fossil-fuel reliant economies.

“We will support developing countries to devise tailor-made green growth policy,” Moon mentioned. “There needs to be greater support from developed economies for developing countries to facilitate a global transition to the low carbon economy.”

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