Attending the expanded Group of Eight Summit meeting today, President Lee Myung-bak stressed the urgent need for international cooperation to cope with climate change, which has emerged as one of the biggest issues facing all peoples around the world. He also introduced the policy direction of his new Administration. Its aim is to turn the crisis of climate change into an opportunity to move toward a low-carbon society, thereby setting a milestone for green growth.

In his remarks, President Lee explained that the Korean Government is drawing up comprehensive measures to deal with climate change with a view to laying the groundwork for sustainable growth. To this end, the Government will reinforce efforts to reduce greenhouse gas emissions across all economic fronts and sharply expand investment in the development of technology for new and renewable energy. He also expressed his resolute determination to help make Korea an early mover toward a low-carbon society.

In addition, the President unveiled the firm commitment of Korea to faithfully play a role as a bridge between the advanced and developing nations. By exerting voluntary efforts to reduce greenhouse gas emissions commensurate with its economic power, the country will make a constructive contribution to forging a post-2012 climate regime.

President Lee expressed support for the long-term goal of cutting global greenhouse gas emissions by half by the year 2050. As of now, Korea belongs to non-Annex I Parties to the United Nations Framework Convention on Climate Change and thus does not have an obligation to reduce global greenhouse gas emissions yet. Still, President Lee Myung-bak made it clear that Korea is committed to playing a leading role in reduction efforts by taking part in the global responses to climate change on its own initiative. In this context, the President announced that Korea would make public its mid-term reduction goal for 2020 at an appropriate time next year after building a national consensus.

In addition, President Lee put emphasis on the necessity of expanding the market-based incentive system. The system is aimed at working out a breakthrough for climate change negotiations, on which developed and developing countries have opposing positions, and encouraging the participation of developing countries, a key to the success of a post-2012 global climate regime.

Market-based incentives refer to a scheme to promote investments by developing countries in the reduction of greenhouse gas emissions and to facilitate the transfer of financial resources and technology by granting carbon credits for reduction actions made by developing countries. The carbon credits can be traded internationally, thus improving the economic viability of reduction investments.

Meanwhile, the Korean head of state proposed the establishment of an East Asia Climate Partnership for the purpose of helping nations in the region cope with both economic growth and climate change simultaneously.

The partnership aims at enabling developing countries in East Asia to achieve growth goals while reducing green house gas emissions. The plan envisions establishing a fund of US$200 million over the next five years to be used for formulating carbon reduction policies and implementing pilot projects as well as other necessary programs.

Through his speech at the expanded G-8 Meeting, the Korean President demonstrated his global leadership on climate and other environmental issues. He also made it clear that Korea is firmly committed to addressing climate change issues globally. Early this year, President Lee was named the 2007 TIME Hero of the Environment awarded by TIME magazine for the Cheonggyecheon stream restoration and other projects.