By Cho Myung-rae
The world is gripped by fear and shock caused by COVID-19. Global growth in 2020 was projected at minus 4.9 percent by the International Monetary Fund (IMF) in June. Some even warn life will never return to how it was before the pandemic.
Along with the economic recession triggered by COVID-19, there is another issue that is posing even greater fundamental risks ― climate and ecological crises that led to the emergence of the pandemic.
For centuries since the Industrial Revolution, humans have relied on the ever-expanding industrial production that burns fossil fuels and pumps massive amounts of greenhouse gases into the air. The consequence ― climate change ― has brought about devastating natural disasters and ecological disruptions, endangering the very survival of life on Earth.
The Intergovernmental Panel on Climate Change advised that global net-zero emissions should be achieved by no later than 2050. Our time is limited to protect the Earth for our future generations. Our climate action must start now.
Cutting emissions and building a climate-resilient social safety net should not be postponed. The paradigm shift must take place now to change the old industrialization model that is responsible for the current crises in the first place.
On July 14 this year, the government announced its plan for the Green New Deal (GND), Korea's declaration of its great transformation, with an aim to overcome the unprecedented impacts of the pandemic in a smart way and make a smooth transition from a carbon-dependent economy to a sustainable, low-carbon one.
Korea's GND is the world's first project-based New Deal executed in the manner of a five-year fiscal plan.
As a responsible member of the international community, Korea has set the right path forward for building a sustainable economy while striving to fight the pandemic.
The GND, under its three principles of energy transition, climate-resilient recovery and green economic and social transformation, has selected three focus areas and eight project areas with a planned investment of 73.4 trillion won ($65 billion) by 2025. The plan is expected to create 659,000 jobs and reduce approximately 12 million tons of greenhouse gas emissions.
For a successful GND, engagement at all levels ― businesses, experts, civil society and local governments ― is essential.
A bottom-up approach is especially important in carrying out these projects to encourage the participation of local communities. The government can play a role of pump priming as its investment is expected to stimulate new markets and induce larger investments from the private sector.
The "peer assemblies," joined by civil society, experts and governments, should be at the center of this engagement in order to represent the public interest and achieve a just transition.
Korea is also keen to work closely with the international community in presenting the GND as a blueprint for global green recovery. In his speech to the 75th Session of the U.N. General Assembly, President Moon Jae-in highlighted the importance of rebuilding better and greener in overcoming COVID-19 and called for international cooperation for environmentally sustainable recovery.
Korea's GND was also showcased as one of the best practices for promoting a transition to a sustainable economy in the OECD Policy Brief on green recovery published in September.
Korea will build upon what is proposed in the GND and incorporate such commitment to its updated 2030 Nationally Determined Contribution and 2050 Long-term Low Emission Development Strategy, both of which will be submitted within this year in accordance with the Paris Agreement.
The GND is a plan in the making. It will keep changing and evolving through the process of implementation.
There is no such thing as one-size-fits-all solution. The circumstances of individual countries are different, and Korea will continue to share its experiences with them in establishing their sustainable recovery plans.
To usher in a sustainable post-COVID-19 era, success in the GND must be achieved. I do hope that Korea will come forward with its climate leadership on the journey towards a green society for all.
We look forward to the emergence of a global GND alliance which links all countries in the global fight against COVID-19 together for a green recovery.
Cho Myung-rae is the minister of environment.
The world is gripped by fear and shock caused by COVID-19. Global growth in 2020 was projected at minus 4.9 percent by the International Monetary Fund (IMF) in June. Some even warn life will never return to how it was before the pandemic.
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| Cho Myung-rae |
For centuries since the Industrial Revolution, humans have relied on the ever-expanding industrial production that burns fossil fuels and pumps massive amounts of greenhouse gases into the air. The consequence ― climate change ― has brought about devastating natural disasters and ecological disruptions, endangering the very survival of life on Earth.
The Intergovernmental Panel on Climate Change advised that global net-zero emissions should be achieved by no later than 2050. Our time is limited to protect the Earth for our future generations. Our climate action must start now.
Cutting emissions and building a climate-resilient social safety net should not be postponed. The paradigm shift must take place now to change the old industrialization model that is responsible for the current crises in the first place.
On July 14 this year, the government announced its plan for the Green New Deal (GND), Korea's declaration of its great transformation, with an aim to overcome the unprecedented impacts of the pandemic in a smart way and make a smooth transition from a carbon-dependent economy to a sustainable, low-carbon one.
Korea's GND is the world's first project-based New Deal executed in the manner of a five-year fiscal plan.
As a responsible member of the international community, Korea has set the right path forward for building a sustainable economy while striving to fight the pandemic.
The GND, under its three principles of energy transition, climate-resilient recovery and green economic and social transformation, has selected three focus areas and eight project areas with a planned investment of 73.4 trillion won ($65 billion) by 2025. The plan is expected to create 659,000 jobs and reduce approximately 12 million tons of greenhouse gas emissions.
For a successful GND, engagement at all levels ― businesses, experts, civil society and local governments ― is essential.
A bottom-up approach is especially important in carrying out these projects to encourage the participation of local communities. The government can play a role of pump priming as its investment is expected to stimulate new markets and induce larger investments from the private sector.
The "peer assemblies," joined by civil society, experts and governments, should be at the center of this engagement in order to represent the public interest and achieve a just transition.
Korea is also keen to work closely with the international community in presenting the GND as a blueprint for global green recovery. In his speech to the 75th Session of the U.N. General Assembly, President Moon Jae-in highlighted the importance of rebuilding better and greener in overcoming COVID-19 and called for international cooperation for environmentally sustainable recovery.
Korea's GND was also showcased as one of the best practices for promoting a transition to a sustainable economy in the OECD Policy Brief on green recovery published in September.
Korea will build upon what is proposed in the GND and incorporate such commitment to its updated 2030 Nationally Determined Contribution and 2050 Long-term Low Emission Development Strategy, both of which will be submitted within this year in accordance with the Paris Agreement.
The GND is a plan in the making. It will keep changing and evolving through the process of implementation.
There is no such thing as one-size-fits-all solution. The circumstances of individual countries are different, and Korea will continue to share its experiences with them in establishing their sustainable recovery plans.
To usher in a sustainable post-COVID-19 era, success in the GND must be achieved. I do hope that Korea will come forward with its climate leadership on the journey towards a green society for all.
We look forward to the emergence of a global GND alliance which links all countries in the global fight against COVID-19 together for a green recovery.
Cho Myung-rae is the minister of environment.
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