Michael Reiterer, Ambassador of the European Union (EU) to the Republic of Korea (RoK), visited the Korea Institute for International Economic Policy (KIEP) on Thursday, May 21 to hold a meeting with Acting President Chung Chul and share his insights during a Leading Experts Seminar (LES).
The LES was held to discuss ways to respond to the COVID-19 crisis along with Europe's Green Deal and sustainable finance. Ambassador Reiterer said many countries are expected to step up investment to overcome the COVID-19 crisis. In the process, he stated investments should be made in climate-friendly, social and economic recovery projects for the future, such as the European Green Deal. In addition, he also explained that the EU is building an "International Platform for Sustainable Finance" aimed at increasing international mobility of private capital. He invited the RoK's participation.
Ambassador Reiterer also said that since the Green Fund was first created in 2007, the amount has gradually expanded until recently, with 382 cases worth 142 billion dollars in 2018 and 475 cases worth 185 billion dollars in 2019. Furthermore, he stressed the importance of structural changes caused by the Green Deal and Green Finance, suggesting the need for smart spending for future generations, although large amount of funding will be needed to cope with the ongoing COVID-19 crisis.