A call for global unity for a successful COP29

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A call for global unity for a successful COP29

Published: 05 Nov. 2024, 19:24 Updated: 05 Nov. 2024, 19:30

Chung Kee-yong
The author is Ambassador and Deputy Minister for Climate Change.

As we approach COP29, the 29th UN annual conference on climate change, the Republic of Korea firmly believes that this conference presents a pivotal moment for addressing the escalating climate crisis. The stakes have never been higher. It is crucial for all parties that signed the Paris Agreement — both developed and developing nations — to gather momentum and push for a successful outcome. COP29 must serve as a turning point in global climate action, with three essential components at its core.

First, we need a fair and ambitious new global climate finance goal, known as the New Collective Quantified Goal (NCQG). This financial framework is vital to ensuring that climate action is adequately funded and that developing countries receive the support they need to implement their climate commitments. An ambitious NCQG will show that the international community recognizes the scale of the crisis and is prepared to take collective action to address it.

Second, clear next steps must follow the outcome of the Global Stocktake(GST), a process established under the Paris Agreement to evaluate global climate progress every five years. The first GST conducted last year provided a critical assessment of where we stand in meeting our climate goals, and the next phase must focus on enhanced ambition and implementation. This process must lead to more aggressive national commitments, with actionable pathways for both mitigation and adaptation.

Third, we must deliver on the existing mandates for COP29. These include securing long-term financing for adaptation and resilience, accelerating emissions reductions and finalizing the negotiations on further guidance related to carbon market mechanisms. These mandates are the backbone of the Paris Agreement, and achieving meaningful progress will be a litmus test for the credibility of global climate efforts.

The Republic of Korea stands ready to meet these challenges head-on. Korea’s commitment to carbon neutrality by 2050 is not just an aspiration; it is the law of the land. Our Carbon Neutral and Green Growth Act codifies our 2050 net-zero goal, and we are diligently working toward our 2030 Nationally Determined Contribution (NDC). Korea is fully committed to faithfully implementing these policies, which are essential for the well-being of future generations. In doing so, we will promote a just transition that leaves no one behind and ensures energy security.

Climate change affects every corner of the world, and we share the global responsibility to address it. With that in mind, Korea has pledged more than $600 million in contributions to the Green Climate Fund (GCF) on a voluntary basis, in addition to other international climate initiatives such as the Global Green Growth Institute (GGGI) and the newly established Fund for Responding to Loss and Damage.

Our contributions reflect not only our solidarity with the developing world but also our understanding that climate change knows no borders. Korea is dedicated to playing a facilitating role between the North and South, as well as fostering South-South cooperation. In this spirit, we will continue to work as a bridge builder, fostering dialogue, promoting knowledge sharing and supporting climate resilience across regions.

The path forward will not be easy, but the stakes are too high for inaction. As COP29 approaches, Korea calls on the global community to come together with renewed ambition and plans for implementation. We believe that with a unified effort, we can make COP29 a milestone for climate progress and lay the foundation for a more sustainable, resilient future.

The time to act is now, and Korea is ready to play its part. Let us seize this opportunity to turn commitments into actions and ensure a livable planet for generations to come.