Press Release

Board View

Korea, the EU and the international community Enhances Cooperation in the Green New Deal


▷ "The Green New Deal partners" Korea and the EU held the 2nd Green Deal Policy Council

▷ Sharing policies in various fields of Green New Deal such as ecological restoration, circular economy and green finance as well as enhancing cooperation in partnership with the international community

On the afternoon of October 20, the Ministry of Environment (Minister Cho Myung-rae) held the second meeting of the "Korea-EU Green Deal Policy Council" by video linking the conference room in Building 6 of the Government Complex Sejong and the EU office in Brussels, Belgium. The purpose of this meeting was to discuss cooperation in the Green New Deal and ways to strengthen cooperation in the international level.

Director General Ahn Se-chang of the Climate Change and International Cooperation Bureau of the Ministry of Environment attended the meeting as the Korean side. As for the EU side, Director Astrid Schomaker of the Global Sustainable Development in the European Commission's Directorate General for Environment attended the meeting.

The Korea-EU Green Deal Policy Council is the following event of the summit meeting, which was held in June, in which President Moon Jae-in referred to the EU as an important partner in the Green New Deal policy.

At the first Policy Council held in July this year, the two sides shared the current status of the Green New Deal policy implementation and promised to hold the second meeting for detailed discussions in various fields of Green New Deal in the future.

At this second Policy Council, the two sides shared the recent progress of the Green New Deal policy and intensively discussed ecological restoration, circular economy, green finance and international cooperation.

First, Korea introduced the current status of the Green New Deal in terms of four axis of ① fiscal investment, ② private investment (funds and finance), ③ legal and institutional improvement as well as ④ regional expansion. The EU shared their current status related to adjusting the GHG reduction targets in 2030 and discussed on the enactment of European Climate Law, including carbon neutrality in 2050.

Regarding ecological restoration, Korea explained the "green restoration of national ecosystem"* included in the Green New Deal. Among the "2030 Biodiversity Strategy" announced in May, the EU introduced policies related to protected areas, eco-corridors and urban ecological restoration in particular.

* Diagnosis of damage condition, setting restoration goal, presentation of basic restoration policy, preparation of restoration project promotion system, etc.

Regarding the circular economy, Korea introduced the main contents of the "Great Transformation Plan for Resource Recycling Policies" (9.23), which contains comprehensive improvement measures* from generation to disposal of waste. The EU announced the main contents of the "Circular Economy Action Strategy" announced in March and proposed international cooperation measures.

* (Generation) Waste source reduction design/production, reinforcement of distribution packaging material management / (Collection) Conversion to publicly responsible collection of recycled waste in apartment houses / (Recycling) Improvement of the quality of selected products and introduction of incentives for the use of recycled raw materials / (Treatment) Reinforcement of responsibility on waste generation and prohibition of direct landfill of household waste prohibition

Regarding green finance, Korea introduced measures to establish a foundation for green industry growth, such as preparing a Korean-style green finance classification system and guide to green bonds. The EU introduced pursuing strategies such as the "sustainable financial strategy" and plan to establish a sustainable international finance platform.

In addition, the two sides discussed ways to cooperate for the spread of the Green New Deal in the international arena, such as the declaration of the "Global Green New Deal Partnership"*, which is being promoted with the opening of the second "Partnering for Green Growth and the Global Goals 2030 (P4G**)" in Korea next year.

* President Moon Jae-in suggested the term in his speech at a high-level conference commemorating the 75th anniversary of the UN General Assembly (2020.9.21.)

** P4G, Partnering for Green Growth and the Global Goals 2030

"I think this second Council will serve as an opportunity to enhance cooperation between Korea and the EU in each specific field of the Green New Deal," said Director General Ahn Se-chang. "Through cooperation between the two sides, I expect the Green New Deal to overcome COVID-19 and climate crisis to spread among the international community."