Koo Yoon-cheol Says Green Transition Can Cushion Energy Shocks, Urges Supply Chain Cooperation at ADB

Koo Yoon-cheol, deputy prime minister and minister of finance and economy, told the Asian Development Bank’s annual meeting that a green transition and stable supply chains are increasingly critical, the ministry said Tuesday.

Speaking as a governor at the ADB’s 59th annual meeting in Samarkand, Uzbekistan, Koo said, “The green transition does not stop at environmental protection; it also has the effect of easing recent volatility in energy prices.”

He said South Korea would “actively support” ADB projects in green sectors, adding that “above all, stabilizing supply chains is urgent” given recent economic conditions.

Koo also pointed to an artificial intelligence transition as a growth strategy for developing countries. “Adopting and using AI can be a growth opportunity for developing countries,” he said, adding that South Korea and the ADB would strengthen cooperation in the field.

On the sidelines of the meeting, Koo met with Japanese Finance Minister Satsuki Katayama to exchange views on responses to energy supply chain disruptions since the Middle East conflict and on diversifying energy import sources.

Katayama welcomed improved access for foreign investors following the inclusion of South Korean government bonds in the World Government Bond Index, and the two sides agreed to continue high-level economic dialogue between their finance authorities.

Koo also met with IMF Deputy Managing Director Kenji Okamura and outlined South Korea’s response to the Middle East war, including the compilation of an additional budget. Okamura called it “an exemplary case of a balanced policy mix,” according to the ministry.