Hong Nam-ki at the Climate Action Finance Ministers Meeting: "Finance Must Play a Vanguard Role"

Climate Change Active Response Indicated... Introduction of Korea's Green New Deal and Other Policies

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance. / Photo by Hyunmin Kim kimhyun81@

[Sejong=Asia Economy Reporter Moon Chaeseok] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, emphasized on the 12th at the Finance Ministers' Meeting that "fiscal policy must boldly play a vanguard role in responding to climate change." This is a message that active response to climate change should be made through expansionary fiscal policy.

The Ministry of Economy and Finance stated that Deputy Prime Minister Hong emphasized this during the '6th Ministerial Meeting of the Climate Action Finance Ministers' Alliance' held via video conference that afternoon. The Climate Action Finance Ministers' Alliance was established in April 2019 and is a consultative body with 64 member countries.

This meeting was the second ministerial meeting of the Climate Action Finance Ministers' Alliance held this year. The 64 member countries participating in the meeting, along with international organizations such as the World Bank (WB), International Monetary Fund (IMF), and Organisation for Economic Co-operation and Development (OECD), approved a joint declaration reaffirming the alliance's annual report and the finance ministers' commitment to climate action following the 4th ministerial meeting earlier this month.

In his video remarks, Deputy Prime Minister Hong emphasized three roles for finance ministers. He introduced Korea's Green New Deal policy while stressing the active role of fiscal policy, explained that the government supports the promotion of private sector self-sustainability and is making efforts such as mandating corporate environmental information disclosure, and emphasized that climate change response policies of each country must be internationally coordinated. He stated, "To fulfill these roles, Korea plans to actively share its experience in responding to climate change" and added, "We will strengthen cooperation to establish international standards related to climate change."

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