G20 Meeting: South Korea Stresses Tech Innovation, Zero-carbon Energy

SEOUL:
South Korea has called on major nations to seek ways of actively using zero-carbon energy resources and joining hands to achieve technology innovation in an effort to address various global economic challenges, the finance ministry said on Friday.The Seoul government made the point during the Group of 20 (G20) meeting for finance and central bank deputies, which took place in Johannesburg, South Africa, on Wednesday and Thursday (local time), according to the Ministry of Economy and Finance.

It was the first meeting in the financial track for this year’s G20 gatherings under South Africa’s presidency, reports Yonhap news agency.

During the meeting, Deputy Finance Minister Choi Ji-young said the participating nations need to implement measures to ensure the stable global financial system and plans to reform multilateral development banks.

Choi also stressed the need to come up with guidance on the efficient use of financing to respond to downside risks for the global economy, maximize zero-carbon energy resources and push for technology innovation centering on artificial intelligence so as to boost productivity and achieve sustainable development, the ministry said.

The G20 finance ministers’ meeting is scheduled to take place in Cape Town in February to discuss economic and financial issues of mutual concern, it added.

Meanwhile, the three major global credit appraisers shared a common view on Friday that South Korea’s credit rating remains stable despite the recent political turmoil, the finance ministry said.

The three credit appraisers — Moody’s Ratings, Fitch Ratings and Standard & Poor’s Global Ratings (S&P) — made the assessment during separate virtual meetings with Finance Minister Choi Sang-mok on the day, according to the Ministry of Economy and Finance.

The meetings came about a week after President Yoon Suk Yeol’s short-lived declaration of martial law.