- Green Economy Forum Takes Place (Nov. 10)

1. The Ministry of Foreign Affairs held the  「Korea-Pacific Alliance Green Economy Forum」 in a hybrid online and offline format at Lotte Hotel Seoul on November 10 (Wed) from 08:30 to 12:30.

※ The Pacific Alliance (PA) composed of four member countries – Colombia, Chile, Mexico, and Peru – is a Latin American free trade bloc with a combined population of around 230 million. The combined GDP of PA member countries reaches about 2 trillion dollars, and the PA accounts for about 60% of the trade between Korea and Latin America. Korea is seeking to join the PA as an associate member along with Ecuador.

° From the Korea side, Minister of Foreign Affairs Chung Eui-yong, Ambassador for Economy and Trade of Korea Yoo Myung-hee, and high-level officials from the Ministry of Foreign Affairs, the Korea Forest Service, and related institutions in the energy and environmental sectors attended the forum.

° From the PA side, Vice President and Minister of Foreign Affairs of Colombia Marta Ramírez (current PA chair country), Minister of Energy of Chile Juan Carlos Jobet, Vice Minister of Foreign Affairs of Ecuador César Montaño, and around 50 officials including delegates from governments and embassies in Korea attended the forum in person. Minister of Foreign Affairs of Peru Oscar Maúrtua and Deputy Minister of Energy of Mexico Sergio Saldaña Zorrilla participated in the forum online.

° Domestic and foreign experts and general audiences watched live streaming of the forum on the official website (k-paforum.kr) and the MOFA Youtube channel.

2. Through the forum, the two sides agreed to proactively respond to the climate crisis, shared the view that a transition to a low-carbon and eco-friendly economy is key to seeking sustainable growth in which humans and nature coexist, and agreed to actively explore possible green cooperation between Korea and the PA.

3. In his opening remarks, Minister of Foreign Affairs Chung Eui-yong suggested expanding green cooperation to respond to climate change based on the close economic cooperation with PA members and developing new growth engines together through the green economy.

° In addition, Minister Chung introduce the Korean government’s efforts to respond to the climate crisis including enhancing its 2030 NDC target and joining the Global Methane Pledge, and said that Korea will increase the proportion of green ODA to help developing countries transform to a low-carbon economy.

4. In her congratulatory remarks, Ambassador for Economy and Trade of Korea Yoo Myung-hee highlighted the importance of international cooperation and specific actions of each country to respond to climate change, and added that Korea and the PA need to strengthen future-oriented cooperation that leads to the era of green growth.

5. In her keynote speech, Vice President and Minister of Foreign Affairs of Colombia Marta Ramírez emphasized the dynamics and potential of the PA as the world’s eighth-largest economic bloc and expressed Colombia’s support for Korea and Ecuador’s accession to the PA as associate members, suggesting working together for sustainable growth.

° In addition, Vice President Ramírez mentioned that Colombia is promoting ▴2050 carbon neutrality (51% reduction in carbon emission by 2030), ▴hydrogen roadmaps and energy transition policies, and ▴a national strategy for a circular economy.

6. In the main session, governments and institutions from Korea, Colombia, Chile, Mexico, Peru, and Ecuador shared green economy policies and implementation directions and discussed prospects for mutual cooperation based on specific implementation plans in the areas of energy transition, hydrogen economy, circular economy, and forest cooperation.

° In particular, the PA side praised Korea’s KOICA and EXIM Bank for their energy transition and green growth ODA projects that have been implemented in Latin America and hoped to further carry out similar projects.

7. Through the forum, the Ministry of Foreign Affairs will explore areas for cooperation between the Korean Green New Deal and PA members’ green economy policies and seek to work together with PA member countries for climate change response and sustainable growth by implementing substantive projects based on sectoral demand for cooperation.