Role of public-private partnerships in progressing net zero commitments brought to forefront
SEOUL (June 1, 2021) — 67 world leaders and heads of international organizations united for climate action at the 2021 P4G Seoul Summit on May 30 and 31, calling for concrete action to meet ambitious climate commitments. More than 200 high level officials including policymakers, CEOs, representatives of international organizations and civil societies participated at Green Future Week sessions and Thematic sessions from May 24 to May 31.
The P4G Summit was the first multilateral environmental event hosted by the Republic of Korea at a Summit level. Participating world leaders including Emmanuel Macron (President of France), Boris Johnson (Prime Minister of the United Kingdom), Li Keqiang (Premier of China), Sheikh Hasina (Prime Minister of Bangladesh) and Sahle-Work Zewde (President of Ethiopia) delivered a clear and consistent message. Bold commitments need to be followed by concrete action, and climate finance commitments need to be honored so developing countries can get access to inclusive finance to reach their climate action targets. John Kerry, United States Special Presidential Envoy for Climate, emphasized the need for countries to raise their 2030 target ambitions. He spoke about platforms like Partnering for Green Growth and Global Goals 2030 (P4G) and public-private partnerships as crucial to building sustainable and resilient communities. Leaders also drew out the correlation between green growth and job growth.
President Moon Jae-in announced the Republic of Korea’s intention to present its enhanced Nationally Determined Contributions for 2030 by the UN Climate Change Conference of the Parties COP26. He shared the commitment of the Korean National Pension Service – the world’s third largest pension fund – to decarbonize. He also announced a plan to increase Green official development assistance funding (ODA) including support to the Global Green Growth Institute and P4G.
"We were able to reaffirm that we are united as one in our commitment. The public-private partnerships enhanced through this Summit will lead to a successful COP26 coming in November, which I say with confidence. Moreover, leaders concurred that the UN-led initiatives for responding to climate change and achieving SDGs have been complemented by P4G," said Moon Jae-in, President of the Republic of Korea.
Positioned as a stepping stone to COP26 in November this year, the Summit highlighted the importance of multistakeholder partnerships for unlocking a clean future.
"If we want to fight climate change, we have to work together. Governments, industries, citizens. Across the globe. That is what we hope to pass on through P4G: Climate action brought about by the right political decisions and strong partnerships. Between our countries. And between sectors," said Mette Frederiksen, Prime Minister of Denmark.
"The next few years will be crucial. Here I see P4G as a key delivery mechanism. It will help us follow through on our commitments to the Paris Agreement and the SDGs, including beyond COP26," said Mark Rutte, Prime Minister of the Netherlands.
Iván Duque, President of Colombia, announced the country’s commitment to reduce 51% of emissions by 2030 through its energy transition strategy including "making a big bet on electric vehicles." He also announced that Colombia would host the next P4G Summit in 2023.
The Seoul Declaration adopted at the Summit highlighted the role of public-private partnerships in driving a net zero future. It emphasized the importance of green recovery from the pandemic as well as scaling investments in market-based solutions and a green transition.
The Summit showcased P4G as a delivery mechanism that could turn political commitments into market-based solutions for developing countries that can be accelerated and scaled by private sector investment. It featured solutions led by innovative partnerships that could help developing countries leapfrog carbon-dependent infrastructure, accelerate a clean energy transition, and make progress on their increasingly ambitious climate goals.
"What makes P4G unique is that our partnerships put developing countries in the lead. Based on their national priorities, we match their climate solutions with global technology, investment and expertise. This partnership pipeline creates jobs and helps countries drive climate action," said Ian de Cruz, Global Director, P4G.
A few examples of tangible and investable P4G solutions discussed at Summit sessions are included below:
Food: FLAWLESS is a partnership developing models to monetize the savings from food loss and waste reduction in Mexico, Indonesia and South Africa. It’s establishing innovative financial products that banks could offer companies who commit to taking measurable action on their food waste.
Water: The Finance for WASH Access Partnership is designing a multi-million dollar lending facility to improve water and sanitation solutions for retailers and households in Kenya.
Energy: Energise Africa is a crowdfunding platform that has raised more than $27 million from individual investors for solar businesses in sub-Saharan Africa. This allows small and medium solar businesses to raise the flexible finance needed to provide solar home and commercial systems on affordable payment plans.
Cities: P4G’s zero emissions transportation partnerships in Latin America such as the ZEBRA partnership are developing investment models to enable the commercial deployment of electric buses and freight across the region.
Circular Economy: The SSEZ/Sustainable Industrial Clusters Partnership is transforming industrial parks into green manufacturing circular hubs. The Oserian Two Lakes Industrial Park under development in Kenya has the potential to mobilize US $500 million investment in green infrastructure and create 10,000 local jobs.
About P4G – Pioneering Green Partnerships, Investing in Impact
P4G – Partnering for Green Growth and the Global Goals 2030 - is a global platform pioneering green partnerships to build sustainable and resilient economies. P4G bridges the gap between development and investment to deliver transformative solutions to meet the Sustainable Development Goals and the Paris Climate Agreement. P4G mobilizes a global ecosystem of 12 partner countries and 5 organizational partners to unlock opportunities for more than 50 partnerships working in developing countries in five SDG areas: food and agriculture, water, energy, cities and circular economy.