Jeju: The head of the central bank on Tuesday called for efforts to restructure the economy by building essential supply chains, and fostering specialized companies and skilled workers in the renewable energy industry, which in turn would create jobs and stimulate investment. Bank of Korea (BOK) Gov. Rhee Chang-yong made the remarks during a symposium on the regional economy held on the southern island of Jeju, which focused on economic development strategies through a transition to new renewable energy sources.

According to Yonhap News Agency, Rhee emphasized the need for establishing supply chains that consider related industries and nurturing specialized companies and skilled personnel to translate the expansion of renewable energy into new industries, jobs, and investment. Pointing to the intermittency of renewable energy as a major challenge, Rhee stressed the need to draw up innovative solutions that leverage energy storage systems (ESS), alongside demand-side resources such as electric vehicles and heating and cooling systems.

Rhee highlighted the potential risks of delays in the low-carbon transition or the accumulation of climate shocks on growth potential, while also urging careful consideration of the impact of carbon reduction on the competitiveness of industries and the export base. He called for efforts to transform the climate crisis from a risk into a window of opportunity, urging that discussions lead to practical solutions and strategies.