During the P4G Seoul Summit, South Korea pledged to expand its contributions to restore the environment in developing countries and urged the international community to take part.
"We will create green new deal trust funds worth 5 million U.S. dollars a year at the GGGI, which provides tailored green growth support to developing countries. We will also contribute 4-million dollars a year as part of P4G contributions."
As a follow-up, South Korea also plans to halt financial support for overseas coal power and will ban the construction of new coal power plants domestically to achieve carbon neutrality, while actively cooperating to restore biodiversity.
This year's P4G Seoul Summit marked the first-ever multilateral climate summit to be hosted by South Korea, becoming the first Asian country to use this platform to raise awareness of climate issues since the first in Denmark in 2018.
The summit had extra significance due to 2021 being the first year of the Paris Agreement being implemented, and because it was held ahead of the UN climate change conference, known as the "COP26," slated for November in Glasgow.
It was also another high-level multilateral climate forum bringing nations together following on from the virtual Leaders Summit on Climate in April led by U.S. President Joe Biden.
"Through the climate summit in April, the South Korea-U.S. summit in May, P4G summit, and the G7 summit scheduled for next week, President Moon Jae-in and U.S. President Joe Biden have agreed to cooperate at the UN climate change conference this November."
Due to the pandemic, the summit brought together people from around the world virtually.
Through virtual meetings, the P4G Seoul Summit highlighted new ways of hosting a global summit.
South Korea displayed state-of-the-art technology through augmented reality and advanced media, using "video mapping technology" to produce hologram-like images of nature and endangered animals.
Yoon Jung-min, Arirang News.