▲ This file photo, provided by the finance ministry on April 13, 2022, shows Finance Minister Hong Nam-ki presiding over a meeting of related ministers. (PHOTO NOT FOR SALE) (Yonhap)

finance chief-climate change

Non-pricing policy must for well-coordinated global climate change responses: Seoul's finance chief

SEOUL, April 20 (Yonhap) -- South Korea's top economic policymaker has stressed the need to balance market mechanisms against non-pricing policy measures in coordinating global efforts to fight climate change, his office said Wednesday.

Finance Minister Hong Nam-ki made the remarks during an online meeting of the Coalition of Finance Ministers for Climate Actions held Tuesday.

"The proper combination of market mechanisms, such as an emissions trading system, and non-price policy support is a must in responding to climate change," Hong said, citing such measures as financial support and research and development.

The minister also said it needs to take into consideration each nation's different industry structure and other economic conditions when countries try to coordinate various measures on climate issues.

South Korea pledged to reduce greenhouse gas emissions by 40 percent from the 2018 levels by 2030 and reach carbon neutrality by 2050. The country has operated a domestic emission trading system among some industries since 2015.

Hong also renewed Seoul's commitment to consistent support for developing countries' transition to the green economy.

South Korea has earmarked 3 billion won (US$2.42 million) from 2022 through 2024 for developing nations' climate change related projects through the United Nations Framework Convention on Climate Change.

The finance chief is in Washington to attend a Group of 20 (G-20) Finance Ministers and Central Bank Governors' meeting, as well as a meeting of the International Monetary and Financial Committee, an advisory body of the International Monetary Fund's board of governors, his office said.

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