BAKU, Azerbaijan, November 19. Korea will prepare an updated Nationally Determined Contribution (NDC) by 2035, which will be based on scientific data as well as feasible and cost-effective, Korea's Environment Minister Kim Wan-sup said in a national statement at the COP29 summit in Baku, Trend reports.
The minister added that consultations with various stakeholders, civil society, and parliament are being held for this purpose.
“We continue to strengthen our voluntary and collective efforts to combat the climate crisis by expanding cooperation both bilaterally and multilaterally,” he emphasized.
The minister also stated that under the framework of sustainable development and combating climate change, Korea will continue to cooperate with international organizations and countries to strengthen financing mechanisms for green projects and enhance climate transparency.
“Since greenhouse gas emissions peaked in 2018, Korea has been consistently reducing them. In particular, the country is actively developing carbon-clean energy sources such as renewable and nuclear power, improving production processes, and increasing the number of zero-emission vehicles," he pointed out.
According to him, as a result, greenhouse gas emissions fell 13.9 percent from 2018 levels, the result of two consecutive years of decline.
“Korea's Emissions Trading System (ETS), introduced in 2015, has played a key role in this process. In 2024, it will pass ten years since its introduction, with plans to strengthen its market function and increase the proportion of auctions, which will help further reduce emissions," he added.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened at the Baku Olympic Stadium on November 11. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
Within COP29, the highest level event - the summit of world leaders on climate action – was held on November 12–13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 Presidency has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for “Conference of Parties” and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.
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