BOK chief urges strengthening of supply chains, expanded workforce for renewable energy sector

This file photo shows Bank of Korea Gov. Rhee Chang-yong delivering a speech during a conference in Seoul, Nov. 4. Yonhap

The head of the central bank on Tuesday called for efforts to restructure the economy by building essential supply chains, and fostering specialized companies and skilled workers in the renewable energy industry, which in turn would create jobs and stimulate investment.

Bank of Korea (BOK) Gov. Rhee Chang-yong made the remarks during a symposium on the regional economy held on the southern island of Jeju, which focused on economic development strategies through a transition to new renewable energy sources.

"In order for the expansion of renewable energy to translate into new industries, jobs and investment, we need to restructure the economy by establishing supply chains that consider related industries and by nurturing specialized companies and skilled personnel," Rhee said in his speech.

Pointing to the intermittency of renewable energy as a major challenge, Rhee stressed the need to draw up innovative solutions that leverage energy storage systems (ESS), alongside demand-side resources, such as electric vehicles, and heating and cooling systems.

"While delays in the low-carbon transition or the accumulation of climate shocks could weaken growth potential, it is also necessary to carefully consider the impact of carbon reduction on the competitiveness of our industries and export base," he said.

"We need efforts to transform the climate crisis from a risk into a window of opportunity. These discussions should lead to practical solutions and strategies," Rhee added.