Government to Launch 'National Energy Saving Campaign' at the End of This Month

Bang Gi-seon, First Vice Minister of Strategy and Finance, is speaking while presiding over the Emergency Economic Vice Ministers' Meeting held at the Government Seoul Office on the morning of the 14th. 2022.10.14 Photo by Yonhap News

[Asia Economy Sejong=Reporter Son Seon-hee] The government will launch a nationwide energy-saving campaign around the end of this month. This is to prepare for the upcoming winter, the first since the Russia-Ukraine war, amid a global surge in energy prices.

On the 14th, the government held the '10th Emergency Economic Vice-Ministerial Meeting' at the Government Seoul Office, chaired by Bang Ki-seon, the 1st Vice Minister of the Ministry of Economy and Finance, to review the implementation status of the 'Energy Saving and Efficiency Measures.'

Vice Minister Bang said, "As recently pointed out by the International Monetary Fund (IMF), the global economy faces the risk of prolonged inflation due to energy shocks," adding, "European countries such as France and Italy are sharing the seriousness of the energy crisis with their citizens and implementing various measures to save energy." He emphasized, "Our economy is no exception, so the government will maintain high vigilance and respond proactively."

In this regard, the government announced the 'Energy Saving and Efficiency Measures' on the 30th of last month, and as part of this, all public institutions have established plans to reduce energy consumption by 10%. Since this month, guidelines such as limiting heating temperatures and turning off unnecessary lighting have been implemented.

Vice Minister Bang stated, "To encourage participation from the private sector, on the 19th, we will sign an energy efficiency innovation agreement with 30 companies, and from the 27th, 'Energy Diet Supporters' will begin full-scale activities. A nationwide energy-saving campaign through social media will also be conducted concurrently."

Meanwhile, amid a continued high inflation rate of around 5%, the government is preparing related measures for the peak kimchi-making season. Vice Minister Bang said, "The prices of napa cabbage and radish, which had risen sharply due to adverse summer weather conditions, have stabilized since the end of September with the shipment of produce from mid-altitude regions," adding, "We will make every effort to ensure that prices during the kimchi-making season, which is of high public interest and sensitivity, remain stable." He further added, "We plan to announce the 'Kimchi Ingredient Supply Stabilization Measures' at the end of this month, which will include expanding managed items compared to previous years, increasing supply of items prone to supply instability, and providing item-specific discount support."

Regarding the increased volatility, such as the current account turning to a deficit again in August, Vice Minister Bang said, "Last week, through the Emergency Economic and Livelihood Meeting chaired by the President, we established a response direction for the international balance of payments, and today’s meeting will discuss detailed follow-up implementation plans." He added, "We will closely monitor the progress to ensure that 18 new sector-specific measures, including export promotion, import substitution, and strengthening competitiveness in the service industry, are implemented swiftly and effectively, and we will prepare thoroughly."

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