The 2021 P4G Seoul Summit mainstreamed P4G as a delivery mechanism for climate action. Hosted by the Republic of Korea on May 30-31, the summit showcased how P4G partnerships are accelerating green investment and innovative solutions centered on developing countries’ priorities. Sixty-seven world leaders called for bold climate action, and 38 endorsed the Seoul Declaration, which highlights the public-private partnerships as paving the road toward a net zero future. The summit emphasized the importance of green recovery and scaling investments in market-based solutions for a carbon neutral transition.

John Kerry, U.S. Special Envoy for Climate, advocated for platforms like P4G and underlined public-private partnerships as a crucial element of building sustainable and resilient communities. “The P4G Global Initiative is crucial to addressing the mounting challenges of climate change and accelerating the implementation of the 2030 agenda,” said President of Ethiopia Sahle-Work Zewde, one of many leaders from P4G partner countries who recognized P4G’s potential in accelerating national priorities.

Accelerating P4G Partnerships

During the Summit Thematic Sessions, P4G partnerships demonstrated how scaling investment can help countries reach their nationally determined contributions (NDC) and sustainable development goals (SDG). Secretary Tatiana Clouthier, head of the Secretariat of Economy Mexico, highlighted how P4G’s partnerships are “examples of effective and successful synergies between enterprises and non-governmental organizations in developing successful and high-impact inclusive projects.

The Energy session demonstrated how emerging partnerships between government and industry can meet net-zero commitments and decarbonize hard to abate sectors, while highlighting P4G partnerships delivering systems change to end users. In cities, leapfrogging to sustainable and efficient alternatives in the transport and building sectors will reduce emissions and create green jobs.

The Circular Economy session highlighted how P4G partnerships bring together international cooperation for local implementation of commercially viable business models in plastics, textile manufacturing and sustainable industrial clusters. The Food and Agriculture discussion focused on sourcing solutions through data and food security. Rabobank’s commitment to join P4G’s FLAWLESS partnership solidified the idea that food loss and waste prevention can be turned into a legitimate investment asset in Mexico, Indonesia and South Africa. For safe water and sanitation access, partnerships emphasized the need to scale up finance and advance innovative water enterprises providing digital solutions, like the Finance for WASH partnership.

Leveraging Global Climate Momentum

The Summit marked a turning point for P4G’s continued growth with the Republic of Korea’s announcement of new funding support. P4G will leverage momentum from the Summit to scale the impact of its partnerships at COP26. Nigel Topping, High Level Champion for Climate Action, commended P4G’s assistance in the UN’s Race to Zero campaign, which aims to shift from targets and pledges to plans and actions to achieve carbon neutrality.

P4G will accelerate high-impact, high-risk partnerships through the 2021 co-creation process aligned with country priorities. These partnerships will deliver transformative impact ahead of the 2023 P4G Summit hosted by Colombia. Expressing hope that the next Summit will continue to trigger action, Colombian President Iván Duque Márquez urged participants to “act now for a green future.

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