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Green New Deal for Carbon-neutrality and Open Trade Policy in Korea

Author

Listed:
  • Lee, Jukwan

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Kim, Jong Duk

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Moon, Jinyoung

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Eom, Jun-Hyun

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Kim, Ji Hyeon

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Suh, Jungmin

    (Soongsil University)

Abstract

This study focuses on Korea’s Green New Deal policy and global response measures to climate change that affect international trade. A trade policy perspective and approach have been applied while reviewing the carbon-neutral policy pursued by the Green New Deal. We attempted through an empirical analysis to determine whether the expansion of openness helps reduce carbon emissions and simulate the impact of a carbon-neutral policy, such as the EU's carbon border adjustment, on the global economy under global production networks. In addition, the amount of financial support from Korea's Green New Deal needed to offset the negative economic effects of other countries’ independent carbon-neutral policies was derived. This study finally suggests that the effect of the Green New Deal can be expanded through the restoration of openness and global cooperation.

Suggested Citation

  • Lee, Jukwan & Kim, Jong Duk & Moon, Jinyoung & Eom, Jun-Hyun & Kim, Ji Hyeon & Suh, Jungmin, 2022. "Green New Deal for Carbon-neutrality and Open Trade Policy in Korea," World Economy Brief 22-20, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kiepwe:2022_020
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    Keywords

    Green New Deal; Carbon-neutrality; Open Trade Policy; Korea;
    All these keywords.

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