Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
Korea, EU agree to cooperate on climate change response
Trade, Industry and Energy Minister Moon Sung-wook, left, and Frans Timmermans, European Commission executive vice-president for the European Green Deal
By Baek Byung-yeul
By Baek Byung-yeul
Korea and the European Union have been discussing ways to cooperate in climate change issues as part of the two sides' efforts to build momentum for global climate action.
Trade, Industry and Energy Minister Moon Sung-wook had a meeting with Frans Timmermans, executive vice-president for the European Green Deal at the European Commission, at a hotel in Seoul, Tuesday, to share their ideas on climate change action.
The Ministry of Trade, Industry and Energy said this is the first visit by a high-ranking EU official to Korea since the coronavirus outbreak began. The ministry added the meeting was “meaningful in that it raised the understanding of Korea's carbon neutrality and shared the awareness of the need for continued cooperation between Korea and the EU.”
In July 2020, Korea unveiled its own Green New Deal plan, an initiative made to transform the country into a low carbon-emitting economy from a carbon-reliant one.
President Moon Jae-in said the country will invest 73.4 trillion won ($65 billion) in the project by 2025 and achieve carbon neutrality and reduce carbon emissions to zero by 2050. By nurturing industries related to the Green New Deal project, the country expects it could create 659,000 jobs.
The EU also announced its Green Deal plan in December 2019 to accomplish its carbon neutrality goal by 2050. Since the announcement, Europe also unveiled subsequent policies such as the Green Deal Investment Plan, a funding plan for the eco-friendly drive, in January 2020, and the European Climate Law which will work as a legal basis for the plan, which was established in March last year.
During the meeting, the two sides shared the recognition that they are under pressure to respond agilely to the global climate crisis such as global warming and come up with policies to cope with these problems.
“To be a more responsible nation in the global society, the Korean government announced its 2050 carbon neutrality goal last October. Also, in May, the government launched a presidential committee on carbon neutrality which oversees policies addressing climate change issues,” Minister Moon said during the meeting. The presidential committee is the highest decision-making body, spearheading Korea's transition in all areas ranging from economic to societal issues for the next 30 years.
“The executive vice-president for the European Green Deal also said they have also been pursuing a new growth strategy to move toward a sustainable and eco-friendly economy since the EU unveiled its Green Deal plan in 2019,” the ministry said.
The EU is scheduled to unveil on July 14 what it calls the “Fit for 55” legislation package to cut its net greenhouse gas emissions by 55 percent by 2030 from 1990 levels. Also, a draft for a carbon border adjustment measure (CBAM), a tariff on imported goods based on their carbon content, will be introduced.
To minimize the impact from the new carbon tariff, Minister Moon emphasized that the newly introduced system should not be a barrier to international trade and should be designed to comply with World Trade Organization regulations.
He also suggested Timmermans to create a Korea-EU hydrogen consultative group for certifying hydrogen energy and creating standard indexes.