Kim Yong-beom, Deputy Minister of Economy and Finance, "We Must Respond to International Movements Such as RE100 and Carbon Border Tax"

Second Round Meeting of Experts in the Green New Deal Sector

"Renewable Energy is Not Only About Enhancing Corporate Competitiveness but Also Directly Linked to Survival"

Kim Yong-beom, Vice Minister of the Ministry of Economy and Finance, is delivering opening remarks while presiding over the "2nd Expert Meeting on the Green New Deal Sector Related to the Korean New Deal" held on the 7th at the Government Seoul Office in Gwanghwamun, Seoul.

[Asia Economy Reporter Joo Sang-don] Kim Yong-beom, 1st Vice Minister of the Ministry of Economy and Finance, stated on the 7th, "It is necessary to proactively respond to international movements such as RE100 and the carbon border tax discussed in the European Union (EU) Green Deal."

On the same day, Vice Minister Kim held the 2nd expert meeting on the Green New Deal sector related to the Korean New Deal at the Government Seoul Office and said, "Renewable energy is now not only about strengthening the competitiveness of our companies but also directly linked to their actual survival."

RE100 is a voluntary campaign where companies procure 100% of their required electricity from renewable energy. About 240 global companies, including Google, Apple, and BMW, are actively participating in the RE100 campaign. The EU Green Deal, announced in December last year, is the EU's new growth strategy to achieve carbon neutrality (Net-zero) by 2050. The EU Commission has announced an investment plan worth 1 trillion euros over the next decade. As one of the measures to realize carbon neutrality, the EU Commission is also considering introducing a carbon border tax that imposes taxes on goods exported from countries with looser greenhouse gas emission regulations than the EU to EU countries.

Vice Minister Kim said, "Experts point to climate change as the main cause not only of the novel coronavirus disease (COVID-19) but also of recent heavy rains in China and our country," adding, "We must face the international criticism that our country is passive in responding to climate change and actively respond to the climate crisis now to lay the foundation for a sustainable future society." In 2016, the UK-based non-governmental organization Climate Action Tracker (CAT) designated our country, along with Saudi Arabia, Australia, and New Zealand, as one of the four major 'climate villain countries.'

Vice Minister Kim emphasized the importance of the Green New Deal and the need for additional measures. He said, "It is necessary to actively support this through institutional improvements related to the Green New Deal," and added, "In the case of solar and wind power generation, it is essential to secure residents' acceptance and promote it actively through related institutional improvements so that electricity sales can be established as a long-term source of income for residents."