President Moon Jae-in reaffirmed his pledge to go carbon neutral by 2050, saying it is a "bold challenge" that will transform the industrial and energy structure and one that requires international cooperation.

According to presidential spokesperson Kang Min-seok on Monday, the president made such remarks during a speech at the Group of 20(G20) summit on Sunday, held virtually amid the COVID-19 pandemic.

Moon vowed to put forth a long-term development plan within this year to meet the 2050 target and to renew and submit the country's Nationally Determined Contributions(NDCs) to the United Nations.

The president introduced his administration's Korean New Deal initiative, saying he expects to establish a new low-carbon economic paradigm and to turn the COVID-19 and climate crises into an opportunity for inclusive and sustainable growth.

He also pledged to support sustainable improvement in developing nations through the Green Climate Fund and the Global Green Growth Institute.

Following the two-day summit, the G20 leaders endorsed the Circular Carbon Economy(CCE) Platform aimed at reducing emissions with its 4Rs framework: reduce, reuse, recycle and remove.