Role of public-private partnerships in progressing net zero commitments brought to forefront

SEOUL (June 1, 2021) — 67 world leaders and heads of international organizations united for climate action at the 2021 P4G Seoul Summit on May 30 and 31, calling for concrete action to meet ambitious climate commitments. More than 200 high level officials including policymakers, CEOs, representatives of international organizations and civil societies participated at Green Future Week sessions and Thematic sessions from May 24 to May 31.

The P4G Summit was the first multilateral environmental event hosted by the Republic of Korea at a Summit level. Participating world leaders including Emmanuel Macron (President of France), Boris Johnson (Prime Minister of the United Kingdom), Li Keqiang (Premier of China), Sheikh Hasina (Prime Minister of Bangladesh) and Sahle-Work Zewde (President of Ethiopia) delivered a clear and consistent message. Bold commitments need to be followed by concrete action, and climate finance commitments need to be honored so developing countries can get access to inclusive finance to reach their climate action targets. John Kerry, United States Special Presidential Envoy for Climate, emphasized the need for countries to raise their 2030 target ambitions. He spoke about platforms like Partnering for Green Growth and Global Goals 2030 (P4G) and public-private partnerships as crucial to building sustainable and resilient communities. Leaders also drew out the correlation between green growth and job growth.

President Moon Jae-in announced the Republic of Korea’s intention to present its enhanced Nationally Determined Contributions for 2030 by the UN Climate Change Conference of the Parties COP26. He shared the commitment of the Korean National Pension Service – the world’s third largest pension fund – to decarbonize. He also announced a plan to increase Green official development assistance funding (ODA) including support to the Global Green Growth Institute and P4G.

“We were able to reaffirm that we are united as one in our commitment. The public-private partnerships enhanced through this Summit will lead to a successful COP26 coming in November, which I say with confidence. Moreover, leaders concurred that the UN-led initiatives for responding to climate change and achieving SDGs have been complemented by P4G,” said Moon Jae-in, President of the Republic of Korea.

Positioned as a stepping stone to COP26 in November this year, the Summit highlighted the importance of multistakeholder partnerships for unlocking a clean future.

“If we want to fight climate change, we have to work together. Governments, industries, citizens. Across the globe. That is what we hope to pass on through P4G: Climate action brought about by the right political decisions and strong partnerships. Between our countries. And between sectors,” said Mette Frederiksen, Prime Minister of Denmark.

“The next few years will be crucial. Here I see P4G as a key delivery mechanism. It will help us follow through on our commitments to the Paris Agreement and the SDGs, including beyond COP26,” said Mark Rutte, Prime Minister of the Netherlands.

Iván Duque, President of Colombia, announced the country’s commitment to reduce 51% of emissions by 2030 through its energy transition strategy including “making a big bet on electric vehicles.” He also announced that Colombia would host the next P4G Summit in 2023.

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