Introducing Korea's Low-Carbon Transition Policy to the World... Attending the G20 Ministers' Meeting

Participation in Strengthening G20-Level Cooperation on Energy Security, Market Stability, and Energy Accessibility
Introduction of Korea's Low-Carbon Transition Efforts Including the Green New Deal and Hydrogen Activation Roadmap

Joo Young-jun, Director General of Energy Resources, Ministry of Trade, Industry and Energy. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] The government introduced Korea's low-carbon transition efforts, including the Green New Deal, to the world.

On the 27th, the Ministry of Trade, Industry and Energy announced that Ju Young-jun, Director General of the Energy Resources Office, will attend the G20 Energy Ministers' Meeting held from the 27th to the 28th and share opinions on the carbon circular economy, energy security and market stability, and energy accessibility.

The carbon circular economy refers to an approach that incorporates carbon into the existing circular economy concept to comprehensively manage carbon emissions through reduction, reuse, recycling, and removal. It is a concept advocated by Saudi Arabia, the G20 chair country this year.

Saudi Arabia holds the position that implementing a carbon circular economy is essential to transition to a clean energy system. It is a comprehensive and inclusive approach to solving the environmental, development, and economic challenges currently facing the world.

Director Ju is expected to emphasize that during the process of overcoming the novel coronavirus disease (COVID-19), 'green recovery policies' are spreading, and it is important for G20 member countries to work together and share policies and experiences.

Additionally, Korea announced that through the recently announced Green New Deal, it plans to invest 73.4 trillion won over the next five years in eco-friendly and low-carbon sectors to further accelerate the energy transition and proactively expand energy infrastructure investment.

Regarding the carbon circular economy, it was conveyed that carbon capture, utilization, and storage (CCUS) and hydrogen are viewed as two core elements. Since policy efforts are focused on developing related technologies and securing economic feasibility, it is hoped that information and best practices will be shared with G20 member countries.

G20 member countries will discuss agendas such as strengthening energy security and market stability in response to COVID-19, the carbon circular economy for a clean energy future, and improving energy accessibility to eradicate energy poverty.

They are expected to agree on the 'G20 Energy Ministers' Joint Declaration,' which contains the shared understanding and goals among member countries.

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