Press Release

Board View

Korean Green New Deal A Blueprint for Global Green Recovery

▷ At the OECD Ministerial Council Roundtable on green recovery, Minister of Environment described key factors for a successful Green New Deal and reaffirmed commitment to international cooperation for green recovery.

▷ EU's Green Deal and Korean Green New Deal showcased as exemplary green recovery cases in the OECD policy brief.

Minister of Environment Cho, Myung-rae attended the OECD Third Ministerial Council Roundtable on environment held virtually at 7 p.m. (local time) on September 14.

Under the theme of "Making the Green Recovery Work for Jobs, Income and Growth," the Roundtable was held to provide an opportunity for countries to share their green recovery policies and experiences in their efforts to overcome the pandemic and achieve sustainable economic recovery.

The Roundtable was opened by welcoming remarks by the OECD Secretary-General Angel Gurria, followed by the keynote address delivered by Teresa Ribera (Chair), Minister for the Ecological Transition and the Demographic Challenge of Spain. The Roundtable then proceeded with OECD's presentation of the policy brief on challenges and opportunities of the green recovery, followed by the session for ministerial discussions.

In the OECD policy brief, EU's Green Deal and Korean Green New Deal were showcased as exemplary models for green recovery from Covid-19 that will ensure an accelerated transition toward a more sustainable economy.

Following the Chair and Vice-Chair's remarks, Minister Cho delivered the 1st ministerial remarks among member countries, emphasizing that the recent crises should serve as an opportunity for green recovery and for creating new growth engines.

* Chair (Spain), Vice-Chairs (Chile, Japan, New Zealand) 

In particular, Minister Cho focused on three key factors for making the green recovery work for jobs, income and growth.

① First, he explained that the Korean Green New Deal is a project-based, implementation-oriented recovery plan incorporated in the five-year government fiscal plan.

He further elaborated that Green New Deal will bring forth more than KRW 73 trillion (USD 60 billion) of investments toward green energy transition, climate-resilient infrastructure, and green industry innovation with the aim of creating more than 650,000 jobs and reducing more than 10 million tons of greenhouse gas emissions by 2025.

② Second, he emphasized the importance of mobilizing private sector investments toward green projects that offer high environmental benefits and also toward green entrepreneurs engaging in such projects.

To this end, he introduced the Korean government's recent announcement on September 3 of its plan to mobilize private finance for the Korean New Deal, with the introduction of a Participatory New Deal Fund and the dramatic public and private financial boost to New Deal projects amounting to approximately KRW 170 trillion (USD 143 billion).

③ Third, he highlighted that the success of green recovery depends on timely legislative and institutional reforms along with regulatory innovations. He further added that the government is listening to the voices of all sectors to help accelerate green energy transition, scale up green mobility, restore ecosystems, and inspire green innovation.

Minister Cho concluded by saying that Korea's Green New Deal will serve as a useful blueprint for green recovery plans around the world and Korea stands ready to cooperate with international community to make green recovery work for all.

* The recently published 2020 OECD Economic Survey of Korea found that the Korean New Deal has "the potential to support a green and inclusive recovery."

Participating countries have reached a broad consensus that green recovery from Covid-19 could provide new opportunities for fundamental restructuring to build back better, creating more green jobs, and increasing environmental resilience.

The discussions that took place at this Roundtable will be used as a reference for the OECD Ministerial Council Meeting (MCM) to be held at the end of October. 

* OECD's policy briefs on Covid-19 impact and response can be downloaded in full from the OECD Online Hub (