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Authorities to discuss green finance during P4G Seoul Summit

By Choi Jae-hee

Published : May 27, 2021 - 14:35

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Financial Services Commission (Yonhap) Financial Services Commission (Yonhap)
South Korea’s top financial regulator said Thursday it will host a special session ahead of the upcoming P4G Seoul Summit to discuss the finance industry’s role in the global fight against climate change.

The event will be held virtually on Saturday at 8 p.m. under the theme of “Role of Finance in Post COVID-19 Green Recovery,” convened by Financial Services Commission Chairman Eun Sung-soo, Environment Minister Han Jeoung-ae, Korea Development Bank Chairman Lee Dong-gull and National Pension Service Chairman Kim Yong-jin, the FSC said in a statement. 

Eun will deliver an opening speech on important tasks ahead to foster green financing activities, in a gesture to urge cooperation among global financial institutions to strive for carbon neutrality. Green financing refers to the use of public money, private loans, and microlending to support sustainable development projects.

Leaders from international organizations and advocacy coalitions dedicated to climate action, including Patricia Espinosa, executive secretary of the United Nations Framework Convention on Climate Change; Borge Brende, president of the World Economic Forum and Makhtar Diop, managing director of the International Finance Corporation, will make keynote speeches to support the development of green finance models across the globe.

P4G, which stands for Partnering for Green Growth and the Global Goals 2030, is an international consultative body that seeks solutions for climate action and green economic growth through public-private partnerships to meet the UN’s Sustainable Development Goals and the Paris Agreement.
The 2021 P4G Seoul Summit is to open Sunday for a two-day run, inviting more than 60 leaders of foreign countries, including Korea, Denmark, South Africa, Indonesia and Mexico, and international organizations as well as private firms. The upcoming summit is the second of its kind following the 2018 inaugural session held in Copenhagen, Denmark. 

By Choi Jae-hee (cjh@heraldcorp.com)