Financial Services Commission (Yonhap)

South Korea’s top financial regulator said Thursday that it will host a special session ahead of the upcoming P4G Seoul Summit to discuss the finance industry’s role in the global fight against climate change.

The event, “Role of Finance in Post COVID-19 Green Recovery,” will be convened virtually on Saturday at 8 p.m. and led by Financial Services Commission Chairman Eun Sung-soo, Environment Minister Han Jeoung-ae, Korea Development Bank Chairman Lee Dong-gull and National Pension Service Chairman Kim Yong-jin, the FSC said in a statement.

Eun will deliver an opening speech on the important tasks ahead to foster green financing activities and cooperation among global financial institutions in the pursuit of carbon neutrality. Green financing refers to the use of public money, private loans and microlending to support sustainable development projects.

Leaders from international organizations and advocacy coalitions dedicated to climate action will deliver keynote speeches to support the development of green finance models across the globe. They include Patricia Espinosa, executive secretary of the United Nations Framework Convention on Climate Change; Borge Brende, president of the World Economic Forum; and Makhtar Diop, managing director of the International Finance Corporation.

P4G, which stands for Partnering for Green Growth and the Global Goals 2030, is an international consultative body that seeks solutions for climate action and green economic growth through public-private partnerships to realize the UN’s sustainable development goals and the commitments under the Paris Agreement.

The 2021 P4G Seoul Summit is to open Sunday for a two-day run with more than 60 leaders of foreign countries in attendance, including the leaders of Denmark, South Africa, Indonesia and Mexico, and international organizations as well as private firms. The upcoming summit follows the inaugural session in Copenhagen, Denmark, in 2018.

By Choi Jae-hee (cjh@heraldcorp.com)