Hong Nam-ki: "Carbon Neutrality is a Timely and Global Trend... 'Bold Preemptive Response' is Desirable" (Comprehensive)

The 22nd Emergency Economic Central Countermeasures Headquarters Meeting and the 44th Economic Relations Ministers' Meeting

Discussion on 2050 Carbon Neutrality Promotion Strategy, 2020 Christmas Market Promotion Plan, and 2021 Economic Policy Direction (Draft)

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks while presiding over the "22nd Emergency Economic Central Countermeasures Headquarters Meeting" held at the Government Seoul Office in Gwanghwamun, Seoul on the 7th.

[Sejong=Asia Economy Reporters Lee Kwang-ho and Joo Sang-don] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 7th, "For national interests and our future generations, (carbon neutrality) requires 'bold preemptive response rather than situational adaptation'."

On this day, Deputy Prime Minister Hong presided over the 22nd Emergency Economic Central Countermeasures Headquarters meeting and the 44th Economic Ministers' Meeting at the Government Seoul Office, making these remarks.

Hong emphasized, "The transition to a sustainable economy through carbon neutrality is a global and era-wide trend, making it a mandatory task rather than a choice for us. Considering our conditions such as a manufacturing-centered industrial structure, high fossil fuel dependency, and high trade dependence, carbon neutrality is a very challenging task for us."

Deputy Prime Minister Hong also presented policy directions for realizing carbon neutrality. He explained, "The government has sought ways to achieve carbon neutrality by minimizing the burden on our economy and society while maximizing our capabilities. Today, we have established the framework of the so-called '3+1' strategy, which includes three major policy directions: 'low-carbon economic structure, creation of a low-carbon industrial ecosystem, and fair transition to a carbon-neutral society,' along with 'strengthening the institutional foundation for carbon neutrality.'"

Hong stated, "At this turning point of a new paradigm shift, the government must take preemptive measures to seize opportunities and lay the foundation to simultaneously achieve carbon neutrality, economic growth, and improvement in the quality of life for the people." He added, "Details will be jointly briefed to the public by related ministries after the meeting."

During the meeting, the promotion plan for the '2020 Christmas Market' was also discussed to revive domestic consumption, which has been sluggish due to the novel coronavirus disease (COVID-19). The government plans to encourage the Christmas Market, scheduled from the 19th to the 27th, to be conducted primarily as an online non-face-to-face event considering the recent quarantine situation. Hong explained, "About 2,800 traditional markets and neighborhood supermarkets, along with 12,000 small business owners and SMEs, will hold around 50 live commerce special sales events through the online platform 'Gachi Sapsida' (Let's Buy Value)." He added, "We will also promote unique online exhibitions in collaboration with startups and others."

The economic policy direction for next year is expected to be announced next week. Hong said, "Following several consultations previously, today we had the final discussion at the ministerial-level meeting. We are preparing to announce the finalized contents of the 2021 economic policy direction as soon as possible next week."