[Interview] Lee So-young: "Green New Deal is a Just Transition... Power Market System Must Change"

Isoyoung Lee, Democratic Party Winner in Gyeonggi Uiwang-Gwacheon
'Environment, Economy, and Inequality Resolution' Triad
Discourse on Transitioning to a Sustainable Society
Must Also Consider Challenges of Large Corporations

[Asia Economy Reporter Jeon Jinyoung] "The Green New Deal may seem like a growth discourse, but in fact, it signifies a just transition of the industrial structure," said Lee Soyoung, a first-term elected member of the Democratic Party, in an interview with Asia Economy on the 20th. Lee joined the Democratic Party as its 8th recruited talent three months before the April 15 general election. At that time, she attracted attention as a 35-year-old environmental lawyer formerly with Kim & Chang. She is currently continuing discussions on the Green New Deal within the party's COVID-19 National Crisis Overcoming Committee under the 'Korean New Deal TF.'

Lee So-young, elected member of the Democratic Party of Korea. / Photo by Yoon Dong-joo doso7@

In the interview, Lee expressed concern about the Green New Deal being perceived solely as a growth discourse. The Green New Deal is commonly known as a concept that aims to reduce greenhouse gases, which cause climate change, by transforming high-carbon emission industries into an industrial structure centered on renewable energy, while creating jobs in the process. She viewed the core of this as a just transition that can protect existing industrial jobs, emphasizing the concept of equity.

The Green New Deal is a discourse for transitioning to a sustainable society through three pillars: environment, economy, and inequality resolution. She said, "The Green New Deal is a concept that emerged from the Yellow Vest protests. When attempts were made to reduce fossil fuel use and raise fuel taxes to cut greenhouse gases, workers took to the streets." She added, "The concept of equity is necessary. If the entire structure of old industries is eliminated and replaced by new industries, it would be like pushing workers out of society in the name of saving the environment."

She also emphasized the need to sufficiently consider the concerns of large corporations. In response to the question, "Aren't companies sensitive to environmental regulations?" Lee said, "I was also a lawyer advising companies. The European Union (EU) is pushing for the introduction of a 'carbon border tax' that imposes a carbon tax on goods imported from countries with weak greenhouse gas emission regulations. Since external conditions are changing, large companies have many concerns."

She continued, "If the government does not open a path for companies to take a different route in the future, an economic crisis could occur." She added, "The era when environmental issues were overshadowed by economic problems is over. Addressing this will become a new economic strategy."

Regarding nuclear phase-out, one of the core aspects of the Green New Deal, she pointed out, "The problem lies in Korea's electricity market system." She explained, "Korea's electricity market only considers fuel costs, so nuclear power appears to be the cheapest energy source. Only Korea and Chile have such a system worldwide." She added, "However, when considering additional costs such as decommissioning, labor, and safety maintenance personnel, renewable energy, which requires no fuel, is the cheapest." Lee also stated, "By 2027, the cost of new solar power production in Korea will surpass the price of existing coal-fired power." She emphasized, "I will work to change this electricity market system in the 21st National Assembly."