Hong Nam-ki: "40% Greenhouse Gas Reduction Target, Difficult but the Path We Must Take"

Meeting of Heads of Five Economic Organizations... Request for Industry Cooperation

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is giving a greeting at the meeting of economic organization heads held on the 8th at the Chamber Lounge of the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Sejong=Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki requested special cooperation from the business community regarding the significant increase in the 2030 Nationally Determined Contribution (NDC) target to reduce greenhouse gas emissions by 40% compared to 2018, saying, "Carbon neutrality and NDC implementation are difficult, but it is a path we must take together."

Deputy Prime Minister Hong made these remarks on the 8th at a 'Meeting with Heads of Five Economic Organizations' held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul.

The government plans to finalize the NDC enhancement plan (40%) after collecting public opinions this month and announce it at the UN COP26 conference to be held in the UK early next month.

Hong stated, "To minimize the burden on companies in three aspects?decarbonizing the economic structure, creating a low-carbon ecosystem, and supporting a fair transition?we plan to actively support by preparing a carbon neutrality budget for next year of about 12 trillion won, a 63% increase from this year."

Regarding recent global semiconductor supply chain issues such as the shortage of automotive semiconductors, he said, "There have been requests from the U.S. for information related to semiconductor production and supply, so a meticulous response from the perspective of national interest, economy, and security is essential."

He added, "On the 18th, we will hold the first meeting of the newly established Foreign Economic Security Strategy Meeting to officially and intensively discuss these matters. We will reflect industry opinions as much as possible on global supply chain movements, including semiconductors, and consult with the U.S. side in advance to devise response strategies."

Regarding the 'Step-by-step Recovery Plan' being reviewed ahead of 'With Corona,' he mentioned, "Considering the limits of support for small business owners and self-employed, and the urgency of recovering consumption and investment power, it is necessary to actively seek sector-specific responses in line with the phased quarantine reform scenarios, including consumption revitalization, small businesses, culture and tourism, and vulnerable groups."

Hong emphasized the 'three-legged race posture' of the business community, government, and labor and management, saying, "In the fourth quarter, it is very important to maintain the hard-won economic recovery and resilience without damage and to take preemptive measures so that no domestic or external risk factors that could hinder the recovery flow emerge."

The meeting was attended by Lee Ho-seung, Chief of Staff to the President; Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry; Sohn Kyung-shik, Chairman of the Korea Employers Federation; Koo Ja-yeol, Chairman of the Korea International Trade Association; Kim Ki-moon, Chairman of the Korea Federation of SMEs; and Ban Won-ik, Vice Chairman of the Korea Federation of Medium-sized Enterprises.

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