[Asia Future Business Forum] Hong Nam-gi: "Low-Carbon Transition Is Not a Choice but an Essential Task for Survival"

Congratulatory Address at the 10th 2022 Asia Future Business Forum

[Image source=Yonhap News]

[Asia Economy Reporter Kim Jin-ho] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, emphasized on the 27th that "responding to decarbonization is no longer a matter of choice but an essential task for survival."

On the same day, Hong attended the ‘10th 2022 Asia Future Business Forum’ held at the Western Chosun Hotel in Seoul and stated, "For our country, which has a large manufacturing sector and high trade dependence, responding to decarbonization is essential."

Hong said, "As the global eco-friendly market is rapidly growing, securing eco-friendly competitiveness ahead of others will allow our economy and industry to seize a valuable opportunity to leap forward as leaders in the decarbonization era."

He also emphasized the government's efforts to achieve '2050 Carbon Neutrality' announced earlier. Since the carbon neutrality declaration in 2020, the government has pledged to reduce net carbon emissions to zero by 2050.

Hong stated, "Whether we achieve 2050 carbon neutrality depends on the harmony between corporate responses on the ground and government policies," adding, "The government is actively promoting the Green New Deal as a core pillar of the Korean New Deal, as well as establishing a continuous and systematic implementation foundation through the launch of the Carbon Neutrality Committee and the enactment of the Carbon Neutrality Basic Act."

He added, "We will ease corporate burdens and strengthen competitiveness by promoting decarbonization of key industries and fostering new carbon-neutral industries, making carbon neutrality a new growth foundation for our economy."

To this end, he said the government will fully support the decarbonization of major carbon-intensive industries such as steel, refining, petrochemicals, and cement. Large-scale facility investments for converting to low-carbon factories will be selected as national projects for support, and key carbon reduction technologies will be designated as 'new growth source technologies' with significantly expanded tax incentives.

Furthermore, he announced plans to continuously discover and nurture new carbon-neutral industries such as next-generation secondary batteries, next-generation semiconductors, eco-friendly mobility, hydrogen economy, and bio-materials. Using the newly established 2.4 trillion won Climate Response Fund this year, the government will support the commercialization of promising technologies and companies.

Additionally, he stated that the government will actively pursue a just transition to build a carbon-neutral ecosystem including carbon markets and energy infrastructure, ensuring that no groups are left behind during the carbon neutrality process.

Hong emphasized, "If achieving carbon neutrality were an easy task anyone could do, it would be difficult for it to become a new opportunity for economic and industrial development," and urged, "Let the government, businesses, and citizens unite in effort so that carbon neutrality can become a new leap forward for our economy."

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