On the second day of the climate forum held in the run-up to the P4G Summit, South Korea's finance minister said the country will utilize its strengths in the IT sector to make its manufacturing industry smarter and greener.
"As for the concrete means, we plan to invest 3.8% of our GDP by 2025 in Green New Deal projects, including green infrastructure, renewable energy, and green mobility."
Under the session's theme "Green New Deal: Clean Transition to the Green Economy" he also said the government is working to establish large-scale private investments under the Korean Green New Deal project, which aims to turn the country's carbon-dependent economy into a low-carbon and eco-friendly one.
He added the government is also pushing for a fair transition of industries and workers by supporting programs so they can adapt to new industries and find other employment opportunities.
"The session also discussed other countries' actions to tackle climate change and carbon emissions."
The former Secretary-General of United Nations, Ban Ki-moon, said the pandemic might be giving us a final warning adding that it may be a "blessing in disguise".
"Distinguished guests ladies and gentlemen, allow me to remind you all that there is no vaccine for the climate crisis we have created."
The president of the 26th UN Climate Change Conference also stressed the importance of reducing the number of heavily-polluting vehicles and ending coal power adding that major economies should lead the way to reach net-zero targets by 2050.
"To deliver this, we have all agreed to accelerate the transition, away from dirty coal capacity to an overwhelmingly de-carbonized power system in the 2030s. The G7 have also committed to phasing out international fossil fuel finance, beginning with an end to all new direct government support for international coal power by the end of 2021."
Welcoming President Moon Jae-in's commitment to stop overseas funding for coal projects, he urged every country to make determined contributions that align with net zero commitments.
Bae Eun-ji, Arirang News.