‘“Fostering Sustainable Transitions: The World Bank-KDI Green Growth Seminar 2024” concludes successfully

• On February 28th, the Korea Development Institute (KDI) and the World Bank co-hosted the " Fostering Sustainable Transitions: The World Bank-KDI Green Growth Seminar 2024" at the World Bank headquarters in Washington D.C. 

  The seminar aimed to share research findings and implications in the field of sustainable green transition, pursued by KDI and the World Bank, and to explore collaborative opportunities utilizing the expertise both institutions have. 
  The seminar was attended by experts from KDI, the World Bank, the IMF, including Jong-kyu Lee, Vice President of KDI, Il-young Park, Executive Director of the World Bank, and Richard Damania, Chief Economist of the World Bank.

•  KDI and World Bank emphasized the importance of knowledge exchange and cooperation between the two institutions for sustainable green transition. 

  Richard Damania, the Chief Economist of the World Bank, emphasized the importance of the green transition in addressing climate change, one of the greatest challenges the international community faces, in his welcoming speech.
  Jong-kyu Lee, Vice President of the KDI, mentioned the long-standing cooperation between KDI and the World Bank in creating and disseminating knowledge for the sustainable development in the international community. He expressed his hope that the seminar would serve as an opportunity to strenthen the partnership between the two institutions for sustainable green growth.

• "Session 1. Strategies for Sustainable Green Transition"

  In the first session, Jungwook Kim, Executive Director of the KDI, presented "Strategic Roadmap for Korea’s Green Transition: Challenges and Pathways." This presentation outlined Korea's carbon neutrality policy, identified challenges, and highlighted KDI’s contributions towards green transition through significant research findings and international collaborative initiatives. He emphasized the need for systematic research for transitioning to a low-carbon economy and mainstreaming climate change in ODA projects.
  
  Kevin Carey, Program Manager, Equitable Growth, Finance, and Institutions Practice Group, World Bank, presented his research on "Harmonizing Low-carbon Transition with Macroeconomic Policy," examining the macroeconomic impacts of decarbonization policies from short and long-term perspectives and stressing the need for diverse approaches and strategies for decarbonization.

• "Session 2. Effective Implementation of Green Transition Policies"

  Hyunseok Kim, Fellow of the KDI, presented "Just Transition in Korea: Regional Vulnerability," analyzing regional vulnerability to carbon neutrality initiatives within Korea and proposing establishment of the comprehensive indicators and effective support systems for the regions in Korea.
  
  Nancy Lozano Gracia, Lead Economist at the World Bank, emphasized the importance of considering regional vulnerabilities in the implementation of green transition policies. She introduced case studies from Latin America to illustrate her points.
  
  Mark Roberts, Lead Urban Economist of the World bank, analyzed the impact of climate change on cities and urban development based on data from over 10,000 cities worldwide, proposing policy tools for resilient urban development. 
  Stefanie Onder, Associate Professor at American University, introduced  natural capital valuation and natural capital accounting, emphasizing their importance in integrating environmental considerations into economic decision-making.

•  "Session 3. Financing the Green Transition"

  In the third session, Yeochang Yoon, Fellow of the KDI, presented " Enhancing Korea's Carbon Pricing Mechanism,” sharing research results and policy implications on improving the inefficiency of Korea's ETS and social acceptance of carbon tax. 
  Saskia de Vries, Manager of the World Bank, presented " Enhancing Regulatory Frameworks to Support the Green Transition," proposing various tools and strategies that central banks and financial regulatory authorities can use to effectively respond to climate change. 
  
  Ian Parry, Principal Environmental Fiscal Policy Expert of the IMF, presented "Carbon Pricing Strategies in Asian Countries," highlighting the importance of international carbon pricing, and introduced the analysis results of the “IMF-World Bank Climate Policy Assessment Tool” report. 
  
  Seo-yi Kim, Climate Finance Specialist of the World Bank, presented "The Role of the International Carbon Market and the World Bank's Engagement Roadmap," introducing the World Bank's roadmap and programs related to the carbon market and pricing mechanism for developing countries.

•  "Session 4. Green Transition and Implications for International Research"

  Heehyun Rosa Lim, Fellow of the KDI, presented " Assessing Impacts of Carbon Neutrality Policies on Trade and Carbon Emissions in Korea," discussing the effects of the EU Carbon Border Adjustment Mechanism and Korea’s carbon neutrality policies on the Korean economy and carbon emissions. 
  
  Ashesh Prasann, Senior Agriculture Economist of the World Bank, discussed " Recipe for a Livable Planet: Achieving Net-Zero Emissions in the Agrifood System," presenting measures to reduce carbon emissions in the agri-food sector, which contributes to approximately one-third of the world's greenhouse gas emissions.
  
  Gracelin Baskaran, Senior Fellow of the Center for Strategic and International Studies (CSIS), presented on international trends surrounding major mineral resources, driven by the demand for electric vehicles and clean energy technologies.
  Hyungna Oh, Professor of Kyung Hee University, presented her research on " Does the untact economy contribute to curtailing GHG emissions?" and explained the impact of the rapidly grown untact (contactless) economy in the aftermath of the COVID-19 pandemic on consumer sector greenhouse gas emissions.
  
  The seminar, attended by over 100 participants from the World Bank, IMF, IDB, universities, and research institutes in Washington D.C., proved the high interest and expectations in the field.

Written by:
Dahyun Noh, Senior Research Associate, Division of Development Research, 044-550-4217, dh_noh@kdi.re.kr