Jomyeongrae Attends OECD Ministerial Meeting: "COVID Crisis as New Growth Engine"

Minister of Environment Jongmyung-rae / Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] "We must turn the COVID-19 crisis into an opportunity for green recovery that creates new growth engines."

On the 14th, Cho Myung-rae, Minister of Environment, attended the OECD Environment Ministers' Meeting and introduced the Green New Deal projects being promoted by the government, emphasizing the importance of creating a financial ecosystem for green corporate investment.

The OECD ministerial meeting was held online under the theme of "Green Recovery for Employment, Income, and Growth." It was a platform to share policies and experiences of various countries aimed at achieving sustainable economic recovery from the COVID-19 pandemic.

The meeting proceeded with a welcome address by Angel Gurria, Secretary-General of the OECD, a keynote speech by Teresa Ribera, Minister for the Ecological Transition of Spain (Chair), and a policy report presentation by the OECD on barriers and opportunities for green recovery, followed by discussions among member countries.

South Korea's and the European Union's (EU) Green New Deal policies were introduced in the policy report as examples of green recovery that can promote a transition to a more sustainable economy from COVID-19.

Following the chair, Minister Cho was the first among member countries to deliver a leading statement, explaining three core factors of green recovery that create new growth engines from the COVID-19 crisis.

First, Minister Cho stated that the detailed implementation plans for green recovery projects were included in the national fiscal plan to ensure execution power and feasibility.

He added, "We plan to invest approximately 73 trillion won over five years in energy transition, climate-resilient infrastructure construction, and green industry innovation to create more than 650,000 jobs and reduce greenhouse gas emissions by over 10 million tons."

Second, he emphasized the importance of establishing a private green finance ecosystem for green New Deal projects with high environmental improvement benefits and green corporate investment. He also introduced the citizen-participatory New Deal fund launched on the 3rd and the plan to revitalize New Deal finance worth 170 trillion won.

Third, he stressed the need to create institutional conditions that promote green reconstruction such as green energy, green mobility, ecosystem restoration, and green innovation through timely regulatory reforms reflecting stakeholders' voices.

Finally, Minister Cho expressed, "I hope South Korea's Green New Deal policy will serve as a useful blueprint for global green recovery," and added, "We will actively cooperate with the international community to expand green recovery."

At the meeting, participating countries reached a consensus that green recovery from COVID-19 can create new opportunities through fundamental reforms for better rebuilding, job creation in the environmental sector, and enhancement of environmental resilience.

The discussions from this meeting will be used as key reference materials for the OECD Council of Ministers' plenary session scheduled for the end of next month.

This content was produced with the assistance of AI translation services.