The world’s most urgent mission today needs to be around initiating a large scale Green Restart to prevent the environmental decline we are facing today. With the awareness of this Climate Action, South Korea is hosting a two-day summit called Partnering for Green Growth and the Global Goals 2030 or 2021 P4G Seoul Summit.
The event, scheduled from May 30 – 31, intends to channel global acceleration for market-based partnerships in developing countries.
The theme of the PG4 Summit is based on an “Inclusive Green Recovery Towards Carbon Neutrality” with the objective to boost market-based partnerships and rally high-level political and private sector action to invest in P4G and scale these innovative solutions in P4G partner countries and beyond.
The event currently sets a global opportunity for countries to step up their ambitions and show the alignment of P4G partnerships with the global action agenda.
In his opening address, Moon Jae-in, President of the Republic of Korea, said, “the vision of a green recovery that is carbon neutral invites us all to act together, and combine our knowledge and efforts.” President Moon Jae-in also stated that the Republic of Korea will end financing for new overseas coal-fired power plants and will no longer issue permits for new domestic coal power plants.
“In order to fix our global environment, re-engineer economies and re-imagine our future we need to first build a truly global coalition for carbon neutrality by 2050,” said
Secretary-General of the UN António Guterres.
On January 11, 2021, the Executive Director of the International Energy Agency (IEA) issued a statement announcing the release of a roadmap to reach net-zero by 2050.
*India and the Carbon Neutrality Goal*
Recognising the importance of climate change and the need for a green economy, India has stringently improvised policies on renewable energy and electric vehicles (EVs).
The path to a green India starts with carbon neutrality and renewable energy development hand in hand.
In fact, Prime Minister Narendra Modi has set a target of generating 450 gigawatts of renewable energy by 2030 which is five times current capacity and two and half times the Paris pledge.
Today, India’s renewable power capacity stands as the fourth largest in the world while the country is moving forward with the goal of reducing its carbon footprint by 30 to 35 per cent.
The mission is to strengthen the start-ups’ ecosystem related to the energy security sector, and the Indian government has allocated a special fund for the purpose.
*World Leaders pledge Green Recovery at PG4*
On achieving carbon-neutrality by 2050, the leaders at PG4 called for innovation and investment that provides both long-term environmental benefits and sustainability against environmental degradation.
At this summit, Paul Kagame, President, Rwanda, urged incentivizing investment in renewable energy while Josaia Voreqe Bainimarama, Prime Minister, Fiji, said economic recovery presents both an immense challenge and immense opportunity.
In order to lead a transition to net-zero carbon emission, the cultivation of climate-conscious industries like fishing and agriculture is needed, alongside green and blue development.
Pedro Sánchez, Prime Minister, Spain, stated that the ambition to achieve carbon neutrality by 2050 should be the new normal. Moreover, Prime Minister of New Zealand, Jacinda Ardern, urged countries to “work backwards from the carbon neutrality target to ramp up their Nationally determined contributions (NDCs)” which also constituted in the Paris Agreement on Climate Action.
Manish Bapna, interim president and CEO of the World Resources Institute, noted 60 countries, representing over half of all global emissions, have set net-zero carbon targets, calling for the remaining large emitters to align around this goal.
Driving a stronger global consensus on the pathway to net zero is a key priority today, where nations too, should individually build capacities and work towards a Green Restart.
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The event sets a global opportunity for countries to step up their ambitions & show the alignment for @P4Gpartnerships with the global action agenda.