KLRI : KOREA LEGISLATION RESEARCH INSTITUTE

 

 

Korea Legislation Research Institute (KLRI, President Kye-Hong Kim) held a joint academic conference with the International Society for Environmental Law and Policy (Chairman Hong-Kyun Kim) under the theme of ‘Achievements and Evaluation of the COP26 in Glasgow – with a Focus on Finance and Market’ on January 25 (Tue, at 2pm). This conference was broadcasted live via Youtube and particularly dealt with the finance and market issues among a range of agenda discussed at the 26th UN Climate Change Conference of the Parties (COP26). 

In particular, finance and market issues in the context of the Article 6 of the Paris Agreement on the international market mechanism were the main subjects of the conference. They were one of the subjects that had drawn the most attention at the 4th Climate Change Legislation Forum (co-hosted by six institutes including KLRI) which was held under the theme of ‘The Outcomes and Prospects of the COP26’ shortly after the completion of the COP26. 

 

Starting with the keynote speech by Hyo-Eun Kim, Climate Change Ambassador (MOF) under the title of ‘Achievements and Future of the COP26’, the conference had two presenters who presented on ‘Achievements and Evaluation of Market-based Approach’ (by Seo-Young Im, Korea Environment Corporation) and ‘Achievements and Evaluation in Finance’ (by Jung-Hoon Kang (MOEF)). The following discussion session had discussants including Jun-Won Hyun (KLRI Senior Research Fellow), Jae-Hyung Lee (Professor at Korea University), and Jin-Young Moon (Korea Institute for International Economic Policy). 

 

Ambassador Kim presented on major results and implications of the COP26 and analyzed the Conference, saying that mitigation, adaptation, and finance were strengthened in good balance supported by all Parties. 

 

Seo-Young Im pointed out the significance of the COP26 which succeeded in adopting the implementation rules of the Paris Agreement and contributed to the conclusion of the Paris Rulebook, after six years of strenuous negotiations. She stressed out that a future task is the establishment of national arrangements subsequent to the adoption of the implementation rule for the Article 6.2 (Guidance on Cooperative Approaches) and Article 6.4 (rules, methods, and procedures of sustainable mechanism).

 

Jung-Hoon Kang explained that the COP26 discussed on long-term climate finance and new collective quantified goal on climate finance and also discussed on ex-ante finance transparency and ex-post finance transparency as to climate finance. He stressed on the continuos voluntary participation in funding as a competent party, saying the pressure to developed countries to raise $100 billion a year is ongoing. 

 

 

Date: January 25, 2022

Venue: Online (Zoom)