Thank you, Mr. Chairman.
Across the world, abnormal weather conditions and natural disasters have become a part of everyday life. The underside of global economic growth is marked by the dark shadows of global warming and environmental degradation, which loom large as a catastrophic menace to humanity.
Climate change responses and sustainable development are for the survival and continuation of us, rather than me, and of the global community, not a specific country. They constitute investments for our children and grandchildren as well as a world where everyone can prosper together. Consequently, they are more urgent tasks than any other agenda items and should be implemented by all countries joining forces together.
In 2015, the international community adopted the Paris Agreement in a bid to jointly respond to climate change. Now, it is time to gather our strength to carry the Agreement out. I hope the 24th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change will produce detailed implementation guidelines for the Paris Agreement in December.
Korea laid out an ambitious target of cutting greenhouse gas emissions by 37 percent by 2030 from its business-as-usual scenario. It has already begun carrying out its energy transition policy and has set its sights on increasing renewable energy’s share in the electricity generation mix to 20 percent by 2030. The country is phasing out aged coal-fired power plants accordingly and has started constructing a large-scale solar power generation complex and offshore wind energy farm in Saemangeum, reclaimed land along Korea’s west coast. The Government is also actively pushing for new energy-sector businesses based on clean energy technology and the transition to a hydrogen economy.
I look forward to G20 member states playing a leading role to bring about active changes in the international community while striving to achieve their own goals.
At the Partnering for Green Growth and the Global Goals 2030 (P4G) Summit held in Denmark in October, I emphasized the significance of solidarity and inclusiveness between nations for overcoming environmental crises.
G20 nations account for 86 percent of global GDP and produce about 80 percent of the world's greenhouse gas emissions. With a much graver sense of responsibility, we must make active contributions to climate change responses.
In addition, assisting developing countries with capacity building to expand their participation is crucial to the success of these endeavors. Korea is playing a leading role in supporting them through the Global Green Growth Institute and the Green Climate Fund. I request G20 member states' active cooperation to ensure that projects are properly financed as promised and implemented as planned.
Launched in the wake of the global financial crisis, G20 began discussing development agenda at its 2010 Seoul Summit.
At the 2016 G20 Hangzhou Summit, the participating heads of state and government adopted the G20 Action Plan on the 2030 Agenda for Sustainable Development. During the Summit this time, the Buenos Aires Update was adopted to complement the Action Plan. It was agreed upon to bolster the functions of the Development Working Group and expand exchanges between related organizations and stakeholders. I expect that it will greatly assist G20 members in implementing the Agenda. Korea welcomes the adoption of the Update and will strive further to carry out the Sustainable Development Agenda.
The G20’s role is also very significant in helping the international community achieve the Sustainable Development Agenda by 2030. Most of all, securing finances to support developing nations is an urgent matter. In particular, special measures need to be worked out to expand the private sector’s participation and secure finances from it. I propose that G20 members make more active contributions in that regard.
To help developing nations fulfill the Agenda, efforts to share experience and knowhow are also necessary. I want to emphasize in particular the importance of inclusive cooperation that is mutually beneficial in the process.
Korea is encouraging joint participation by its Government and businesses and small and medium-sized enterprises in recipient countries when carrying out official development assistance and economic cooperation. It is focusing on raising the sustainability of development projects and helping aid-recipient countries foster industrial foundations and the ability to grow on their own.
Korea will continue to actively support the sustainable development of developing countries through various means.