On Tuesday, May 4, 2021, the Australian Chamber of Commerce (AustCham) in Korea and the Global Green Growth Institute (GGGI) co-hosted a special round table on green finance initiatives at the GGGI Seoul headquarters to share the experience of Australian financial institutions to support the delivery of net-zero emissions, climate action and the realization of a green economy with Korean banks and public finance institutions.
The roundtable, titled ‘Accelerating the Green Energy Transition: Leveraging the Full Spectrum of Green Finance Initiatives,’ was held in a hybrid format, combining in-person and virtual attendance and was hosted as part of the Campaign for Blue Skies and Net Zero 2050 in the Republic of Korea, which was launched last year to support the implementation of the country’s commitment to achieve net zero emissions by 2050.
AustCham Chair and Country Head of ANZ Korea, Mr. Chris Raciti, delivered the opening remarks of the event, emphasizing the importance of bringing together industry and public sectors to drive positive policy change.
“On behalf of AustCham Korea, I am pleased we are able to facilitate this important discussion on accelerating the green energy transition and support the Paris Agreement’s goal of moving to net zero emissions by 2050. The global pandemic has heightened the need for constructive dialogue between private and public actors across the globe and technology has enabled us to connect with one another notwithstanding geographical barriers,” shared Mr. Chris Raciti.
“Given that this year marks the 60th anniversary of Australia-Korea diplomatic relations, I look forward to exchanging ideas with my Australian and Korean counterparts to strengthen bilateral cooperation in the sustainable finance space.”
GGGI Deputy Director-General, Amb. Hyoeun Jenny Kim, delivered the Welcome Remarks of the Round Table, introducing the Blue Skies and Net-Zero 2050 Campaign and emphasizing the need to beat air pollution, explaining that combatting the climate crisis and meeting the goals of the Paris Agreement could save a million lives per year by 2050 solely from reductions in air pollution. During the presentation, Amb. Kim also provided information on GGGI’s efforts to help developing countries to secure USD 2 billion in commitments for climate smart investments, including from the Green Climate Fund (GCF).
“I would like to express my gratitude to Australian Chamber of Commerce in Korea for organizing this roundtable discussion and I am sure that this event will strongly contribute to strengthening Korea-Australia cooperation in mobilizing finance and investment for energy transition,” shared Amb. Hyoeun Jenny Kim.
Following the welcoming remarks, AustCham Korea’s Vice-Chair, Andrew Wagner, opened the Round Table discussion, which included presentations by prominent Australian financial institutions. Round Table participants shared the diverse array of green finance initiatives adopted by their respective organisations and were able to exchange their views on the subject. Speakers included Jongsun Kim, Chief Marketing Officer (CMO) at Pepper Savings Bank, Soo Lee, Vice-President, Hong Kon, IFM Investors, Chris Newton, Executive Director, Responsible Investment, IFM Investors, and Nancy Wang, Sustainable Finance, ANZ.
Representing Pepper Savings Bank, which is ranked third in the domestic asset scale as of June 2020, Jongsun (Jon) Kim, Chief Marketing Officer (CMO), highlighted the importance of the Round Table discussion for the financial industry in Korea.
“It is an honor to introduce ‘Pepper Green Financing’ program at the GGGI Forum. Based on Pepper Green Financing, Pepper Savings Bank will take a lead in ESG management in the financial industry of Korea,” shared Mr. Jongsun (Jon) Kim.
Bringing together financial services experts from both Australian, Korean and global organizations, the Round Table included over 100 attendees from within the public and private sector. With the P4G Summit expected to bring together world leaders, business representatives and intergovernmental organizations for a constructive dialogue on pioneering green partnerships to deliver inclusive and sustainable green growth, AustCham and GGGI look forward to continuing to facilitate these types of industry discussions. By aligning country and investment priorities with sustainability principles, the financial sector will play a key role in supporting the transition to the green economy.