Vice Minister of Economy and Finance: "Aiming to Expand Private-led ESG Ecosystem, Strengthen Market Communication"

'ESG-Related Expert Meeting' Held on the 4th

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Lee Okwon, the 1st Vice Minister of the Ministry of Economy and Finance, stated, "Aiming to create and spread a private sector-led ESG (Environmental, Social, Governance) ecosystem, we will strengthen communication with the market and faithfully fulfill our role as a facilitator."

At an expert meeting held at the Government Seoul Office on the same day, Vice Minister Lee said, "We will support companies in transitioning to practical ESG management, including restructuring eco-friendly businesses (E), realizing social value (S), and establishing transparent governance (G)."

He added, "ESG will not end as a temporary trend but will be further highlighted as a measure for sustainable growth of the global economy in the post-COVID era."

Experts at the meeting suggested the importance of establishing a virtuous cycle for mid- to long-term efficiency improvement and expansion of new market and new industry preemption, promoting government-led carbon reduction technology development with participation from companies and academia, and developing ESG guidelines reflecting the characteristics of SMEs by industry and size.

There were also opinions on expanding the leading adoption of ESG in public institutions, activating ESG information disclosure, ensuring fairness and reliability of evaluation agencies, and expanding ESG investment by pension funds.

Meanwhile, the Ministry of Economy and Finance plans to actively review expert opinions and reflect them in the economic policy direction for the second half of the year.

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