International investor networks, whose members and signatories have assets under management worth hundreds of trillions of won, have written to President Moon Jae-in of South Korea encouraging his government to formalise enhanced climate commitments in a revised Nationally Determined Contribution (NDC) under the Paris Agreement and capitalise on investment and jobs in net zero emissions technologies and infrastructure.
In the letter, the six investor networks recognised commitments made by the Democratic Party of Korea at recent legislative elections for significant new national climate change policies and urged the Moon Government to accelerate their implementation.
With the swift implementation of carbon pricing, coal financing phaseout and enhanced renewable energy policies, together with a clear commitment and pathway to achieve net zero emissions by 2050, the investor networks said South Korea could attract new investment in clean energy technologies and infrastructure, generating new jobs and growth that could assist with an economic recovery from the COVID-19 pandemic.
The letter encourages the South Korean Government to lift the ambition of its current emissions reduction goal of a 20 per cent reduction on 2010 levels by 2030, and to formalise a commitment to net zero emissions by 2050, in a revised NDC this year, in advance of the next major round of international climate change negotiations in Glasgow next year.
The investor organisations also noted that current emissions reduction pledges from all countries are not yet sufficient to secure the Paris Agreement goal of limiting global warming to 1.5 degrees and will require greater ambition from all nations.