S. Korea eyes virtuous cycle via green economic growth: finance minister

By Kang Yoon-seung

SEOUL, Oct. 29 (Yonhap) -- The South Korean government aims to foster a virtuous cycle in which carbon neutrality drives economic growth and job creation through its green transformation initiative, the finance minister said Thursday.

"Climate change is already posing a serious threat to our lives and our economies as evidenced by record-breaking heat waves, droughts and floods," Finance Minister Lee Hyoung-il said in a congratulatory message during the Global Green Growth Week Summit held in Seoul, hosted by the Global Green Growth Institute (GGGI).

He called for a shift in thinking to pursue environmental protection and economic growth as complementary goals rather than competing priorities.

"Korea is fully committed to joining in this global effort. However, we also need to change the way we think about climate action," he added. "We have viewed environmental protection and economic growth as competing goals for too long."

The finance minister also stressed the need to pursue a low-carbon transition and foster new industries to create investment and job opportunities, and drive economic growth.

"The transition to a low-carbon economy and the development of new industries should also create new technologies, attract investment and generate quality jobs," the finance minister said, outlining Korea's Green Transformation (K-GX) strategy.

"To this end, we are working to decarbonize high-emitting industries, expand renewable energy, electrify the transport sector and foster the growth of key green industries," he said.

Lee also vowed to deepen ties with the GGGI to make the virtuous cycle a model for global cooperation in addressing climate change and pursuing economic growth, including through the Global Verified Carbon Market (GVCM).

"The GVCM aims to convert emission reductions of developing countries into high-integrity carbon credits that can be used internationally," Lee said. "This will support emission reductions while mobilizing more private investment for climate action."

colin@yna.co.kr
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