This year, the Republic of Korea hosted the 2021 P4G Summit, helping to strengthen Korea’s status and position as a leading country in response to climate change. In a recent interview, GGGI President and Chair, H.E. Ban Ki-moon, shared insight from the P4G Seoul Summit and highlighted the importance of increasing Korea’s green share of ODA. Mr. Ban Ki-moon participated as a speaker during a special session of the event to stress the importance of cooperation from the international community to respond to COVID-19 along with climate and environmental issues as a top priority.

“Despite many difficulties faced with COVID-19 last year, GGGI was active to assist Members and partner countries with 137 advisory outcomes and 54 green growth policies. Starting from this year, GGGI is planning to support the Korean Green New Deal as well as green recovery and green transition of developing countries with its expertise and network it acquired as an organization that offers green investment advisory works and technical assistance,” shared H.E. Ban Ki-moon. During the Summit, President of the Republic of Korea, H.E. Moon Jae-in, announced that a $5 million Green New Deal Trust Fund will be created through GGGI, which will accelerate GGGI’s effort to assist the green transition of its Members and partner countries.

Also in the interview, Mr. Ban Ki-moon highlighted that Korea should place more emphasis on advocating for an increase of the green share of ODA that takes into account environmental and climate issues. In 2018, the average green share of ODA for OECD countries was 33% while South Korea’s remained at 10%.

“We should also think about developing countries, which must suffer to a greater degree than us. The way to financially support them and provide vaccines to head together towards a healthy international community should be well thought out,” shared Mr. Ban Ki-moon.

Moreover, the interview highlighted GGGI’s recent round table event held in the lead up to the P4G Seoul Summit. “Since we can’t do it alone, due to the climate crisis being a very important and big issue, heads of local government, corporate representatives, governments, and the diplomatic corps were invited to this round table. We need to collaborate,” emphasized Mr. Ban Ki-moon. “In particular, the role of companies cannot be overemphasized. In South Korea, where industrial development is in progress, such industrial and energy complexes must participate to fulfill the carbon neutrality goals by 2050.”

Cover photo & full interview (Korean) here.