Hong Nam-ki: "Invest 3.8% of GDP in Green New Deal by 2025"

Emphasis in the Opening Address of the P4G Special Session

[Sejong=Asia Economy Reporter Kim Hyunjung] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced on the 25th that South Korea will invest 3.8% of its Gross Domestic Product (GDP) in the Green New Deal projects by 2025.

On the same day, Deputy Prime Minister Hong made this statement in his opening remarks at the special session of the P4G (Partnership for Green Growth and the Global Goals 2030) Summit held at Dongdaemun Design Plaza (DDP) in Seoul, themed "Clean Transition to a Green Economy through the Green New Deal."

At the event, Hong proposed the 'P4G+1' strategy to ensure that the green policy efforts of each country create synergy effects and accelerate the timetable for the global green economic transition. The strategy emphasizes Participation, Fairness, and Goal?the first letters of P4G?highlighting private sector involvement, fairness, and the 2050 carbon neutrality target, along with a strong implementation system (+1).

He stated, "For each country's Green New Deal policies not to remain short-term stimulus measures or rhetoric, clear goals for achieving carbon neutrality, implementation timelines, and means are necessary." He introduced that the Korean government is currently working on raising the 2030 Nationally Determined Contribution (NDC) under the goal of realizing carbon neutrality by 2050. He added, "As a concrete measure, Korea is integrating its strength in IT technology into smart and eco-friendly manufacturing," and "By 2025, we will invest 73.4 trillion won, equivalent to 3.8% of GDP, in green infrastructure, renewable energy, and green mobility."

Deputy Prime Minister Hong explained, "Korea supports the transition of shrinking industries to alternative and promising sectors and is also strengthening reemployment support to meet new job demands." He further stated, "Internationally, to enhance support for developing countries in the Green New Deal sector, we plan to expand climate finance through contributions to the Green Climate Fund (GCF) and increase green official development assistance (ODA) in the future."

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