Lee Eok-won, Deputy Minister of Economy and Finance, "Climate Crisis Will Accelerate the Green Transition Clock"

[Sejong=Asia Economy Reporter Kim Hyunjung] On the 11th, Lee Okwon, the 1st Vice Minister of the Ministry of Economy and Finance, stated, "The clock for green transition will accelerate as the climate crisis, referred to as the next pandemic, progresses."

At the 5th meeting of the Green New Deal subcommittee of the Korean New Deal Advisory Group held at the HJ Business Center in Gwanghwamun, Seoul, Vice Minister Lee emphasized, "The restructuring of global capital markets and industrial structures toward low carbon and eco-friendliness is progressing at a speed far exceeding our expectations from a year ago," adding, "This is an important moment to utilize the newly created markets during the transition process as an opportunity for our economy to leap forward."

He continued, "Korea's high-carbon industrial structure, including automobiles, steel, and petrochemicals, will incur more efforts and costs for the green transition," expressing concern that "unlike large corporations that are actively responding, numerous small and medium-sized enterprises may face financial and technical difficulties."

Furthermore, he explained, "In accordance with the 2050 carbon neutrality scenario and the upward revision of the 2030 national greenhouse gas reduction targets, we will clearly define the goals and implementation timelines and promote investments in major projects such as green infrastructure and green energy to align with these objectives." He also added, "We plan to establish and operate a climate response fund in 2022 to support leading research and development (R&D) for the transition to a carbon-neutral economy," and "We will carefully support marginalized groups and regions, as well as vulnerable industries and companies struggling to keep up with the transition speed, to ensure a fair transition during the process."

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