“We recognise the rich potential of South Korea’s private sector in developing the clean technologies needed to create a sustainable global economy, from batteries to hydrogen and smart grids,” said Mukhtar Babayev, president of the 29th UN Climate Change Conference of the Parties (COP29), in a recent interview with ChosunBiz.
With COP30 approaching in November, he added, “We are confident that South Korea will bring to COP30 the same constructive approach it showed at COP29.”
COP is the world’s largest climate summit, where officials from around 200 countries gather for about two weeks to discuss climate policy. Since the first COP in Berlin in 1995, the meeting has rotated annually across continents. Last year, COP29 was held in Baku, Azerbaijan, and this year it takes place in Belém, Brazil.
A major outcome of COP29 was the establishment of the New Collective Quantified Goal (NCQG) for climate finance. The international community agreed to expand annual climate funding to $1.3 trillion by 2035, with $300 billion provided by developed countries. This represents roughly a threefold increase from the previous target of $100 billion per year set in 2009. Additionally, detailed rules for the international carbon market under Article 6 of the Paris Agreement were finalised for the first time in nine years, creating global standards for emissions trading.
Although South Korea is not a mandatory contributor, it drew attention at COP29 for taking a responsible stance on climate change. It pledged an additional $300 million to the Green Climate Fund (GCF) and $7 million to the Loss and Damage Fund. Despite having relatively less climate responsibility as a developed country, South Korea is supporting developing nations that suffer greater climate impacts.
Babayev praised South Korea’s financial commitment, saying, “This is going beyond what it is obligated to do, and in doing so, Korea has shown real climate leadership.” In a July written interview with ChosunBiz, he discussed COP29’s progress and key implementation issues.
How effectively has the NCQG been implemented so far?
“Since COP29, the environment for climate action has become increasingly difficult. This year in particular, overlapping geopolitical crises and economic instability have tested our focus and determination.
To be honest, during our travels this year, many developing countries told us they are no longer certain that the finance promised at COP29 will come. We need to restore trust urgently.
Restoring that trust can be done by tripling the outflow of official UNFCCC funds by 2030, as agreed in Baku. Crucially, each developed country should clarify how they will deliver their fair share of the $300 billion as soon as possible.”
Some have criticised that even this amount is far too little for developing countries.
“Ultimately, COP is a country-driven process in which every country must agree on the highest level of ambition together. We worked as hard as we could last year to push for the best possible result. When a goal of $250 billion was initially proposed, we were clear that they needed to go further, and we are proud of our work to increase the final commitment to $300 billion.”
What changes followed the agreement on detailed rules for the international carbon market?
“At COP29, we concluded a decade-long debate by agreeing on a high-integrity carbon market – one with rigorous verification and certification procedures. Such a market can become a vital tool in tackling the climate crisis and will attract a new wave of investment into climate projects in developing countries.
With agreed standards now in place, both the public and private sectors must put them to active use, and any markets that do not comply with Article 6 of the Paris Agreement should be phased out immediately. The value of compliant carbon markets is projected to reach $1 trillion annually by 2050.
In the case of South Korea, it is encouraging to see that the country is actively embracing a high-integrity carbon market. Korea is currently working with the UNFCCC and the Global Green Growth Institute (GGGI) to develop a voluntary carbon market aligned with Article 6 of the Paris Agreement. This is particularly noteworthy as it can help expand private-sector participation.”
Some countries, like the United States, have grown skeptical about climate action.
“Last year, there were concerns that other countries might follow the U.S. in withdrawing from the COP process, but fortunately, that has not happened so far.
Our top priority now is to maintain and safeguard this process so that no country can step back from its climate responsibilities. To achieve that, past commitments must be honored, showing that climate action is bringing real, positive change to people’s lives.
Above all, developed countries must deliver on their financial pledges. Only then will we be able to launch new projects that reduce emissions, build climate resilience, and promote sustainable development worldwide.”
Some argue that China is now playing the role the U.S. once held in climate leadership. What is your view?
“Many countries have shown leadership on climate this year, and China is among them. China has demonstrated notable leadership in technologies needed for carbon neutrality and played a key role at COP29 in persuading other developing countries during the negotiations on final climate finance goals.
“But this leadership is not China’s alone. The United Kingdom, for example, announced at COP29 that it would cut greenhouse gas emissions by 81% from 1990 levels by 2035. Other East Asian nations are also strengthening their energy transition goals. South Korea, for its part, has set a target of producing 70% of its electricity from zero-emission sources, including renewables and nuclear power, by 2038. Many nations recognize the need to take the lead in climate action.”
What will be discussed at COP30?
“Climate finance will remain at the centre of the agenda. Ahead of COP30, which will be hosted by Brazil, we are pursuing the Baku to Belém Roadmap. This roadmap aims to present a clear and credible plan enabling all actors – from the private sector to multilateral development banks – to mobilise $1.3 trillion annually in climate finance. At COP30, I hope for candid discussions on how each country can implement these recommendations in line with their capacities.
Brazil, meanwhile, is stressing the importance of adaptation in responding to climate impacts. I expect COP30 will deliver a practical and actionable framework to measure progress on climate adaptation.”
What message do you have for the South Korean government and businesses?
“We are confident that Korea will carry forward the constructive approach it demonstrated at COP29 into COP30. This year, every country must submit its next-generation national climate plans, including both emission reductions and adaptation. Broad cooperation among governments, businesses and civil society will be essential.
We hope Korea will engage actively with all stakeholders to secure a mandate for real, society-wide action at COP30. We also look forward to Korea’s strong participation in the World Urban Forum in Baku in 2026.”