[2022 Asia ESG Forum] Rep. Kim Sung-joo: "Energy Crisis, Serious If Considered Temporary"

Symposium Held at Westin Chosun Hotel on the 4th
"We Will Consult During the Legislative Process to Enhance ESG Competitiveness"

Kim Sung-joo, Member of the Democratic Party of Korea.
Photo by Yoon Dong-joo

[Asia Economy Reporter Han Ye-ju] "Considering the current climate crisis and energy crisis we are experiencing as temporary issues will lead to serious consequences. Rather, pursuing new management and lifestyles suited to the era of digital, green, and great transformation will be the path to survival and prosperity."

Kim Seong-ju, a member of the Democratic Party of Korea and co-chair of the National Assembly ESG Forum, stated this during his congratulatory speech at the '2022 Asia ESG (Environment, Social, Governance) Symposium' hosted by Asia Economy on the 4th at the Westin Chosun Hotel in Jung-gu, Seoul.

Kim said, "An era of complex crises is coming. The climate crisis and infectious disease crisis, followed by the energy crisis triggered by the Russia-Ukraine war, are creating new crisis patterns unlike before."

He continued, "When new crises arise, the ways to respond also change. While ESG is already establishing itself as a massive trend, anti-ESG voices are also emerging. It would be foolish to revive coal power or nuclear power instead of renewable energy due to the energy price surge caused by the Russia-Ukraine war and the booming arms industry."

Kim explained, "ESG in corporate management has become not an ideal but the most realistic approach, and companies that do not practice ESG are finding growth difficult. However, applying ESG will inevitably vary depending on the social structures each country faces, as the environmental, social, and governance aspects emphasized differ."

Additionally, Kim said, "In the 21st National Assembly, over 140 bills related to ESG have been proposed. When the National Assembly ESG Forum sent out invitations for its launch, about 60 lawmakers from both ruling and opposition parties participated and applied, showing deep interest in social and economic issues. We will ensure that the National Assembly sufficiently consults during the legislative process so that ESG can be stably established in our economy and corporate activities and further enhance global competitiveness."

Meanwhile, the symposium was organized by the Ministry of Trade, Industry and Energy and supported by the Ministry of Economy and Finance, Ministry of Industry, Fair Trade Commission, Korea Chamber of Commerce and Industry, Federation of Korean Industries, Korea Employers Federation, and Korea International Trade Association.