KDI-World Bank Hold Seminar on Annual $7 Trillion 'Reform of Environmentally Harmful Subsidies'

The Korea Development Institute (KDI) is collaborating with the World Bank (WB) to explore reform measures for environmentally harmful subsidies.

On the 9th, KDI announced that it will jointly hold an "Environmentally Harmful Subsidies Seminar" with the World Bank on the 11th to commemorate the publication of the report titled "Detoxifying Development: Repurposing Environmentally Harmful Subsidies."

The report analyzes the impact of environmentally harmful subsidies, amounting to approximately $7 trillion annually, on the environment, humans, and the economy, focusing on three sectors: fossil fuels, agriculture, and fisheries. It emphasizes the necessity of subsidy reform for sustainable development and natural resource conservation in the future.

The seminar will proceed with an opening address by Jason Alford, Head of the World Bank Korea Office, followed by sessions on ▲ Korea’s cases of environmentally harmful subsidies ▲ agricultural subsidies ▲ fossil fuel subsidies ▲ and subsidy reform for environmentally harmful subsidies.

In the session on environmentally harmful subsidies and Korea’s cases, Richard Damania, Senior Economist at the World Bank, will introduce the overall report "Detoxifying Development: Repurposing Environmentally Harmful Subsidies," and Professor Hong Jong-ho of Seoul National University will deliver a keynote speech discussing the debate on normalizing electricity and gas prices and the issue of fossil fuel subsidies.

Following this, Jason Russ, Senior Economist at the World Bank, will present on "Agricultural Subsidies and Soil Pollution," and Jun Renschler, Senior Economist at the World Bank, will speak on "Fossil Fuel Subsidies and Air Pollution." Additionally, there will be presentations and discussions on "Policy Alternatives for Reforming Environmentally Harmful Subsidies."

Kim Jung-wook, Director of the KDI Center for International Development Cooperation and Head of the Global Knowledge Cooperation Complex, stated, "For a sustainable future, it is necessary to improve regulations on natural resources such as air, land, and oceans, and to implement eco-friendly policy measures." He added, "We hope this seminar will serve as a practical forum to examine the need for reforming environmentally harmful subsidies."

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