 Hello everyone and welcome to the 10th and final plenary session of the eighth annual International Conference on Sustainable Development. I'm going to ask our moderator, Phoebe Konduri, professor at the School of Economics at the Athens University of Economics and Business to connect her camera and microphone so that we can start this session the job opportunities and the clean energy Phoebe Konduri. Thank you so much, Shanae. I'm really happy to chair this last plenary of the day. We are going to be talking about job opportunities and clean energy transition and we have representatives from the US, from Asia and from Europe to discuss this very because we all say that we want to become sustainable we want to make the transition to sustainability and this of course means transition to carbon free energy but is it feasible with regards to the job losses that didn't taste does it create new jobs how many of them and how can we make sure that the people in the workforce have the skills to respond to these new jobs. We have three amazing speakers in our panel but I will first take a few minutes to set the scene with regards to the European case study and then I will ask our amazing panel to discuss further their experiences from different continents. Let me share my screen and put the whole sustainability transition as I understand it taking place at least in Europe. I'm going to try to bring together the STGs the 17 sustainable development goals and Agenda 2030 the European Green Deal and the lately enhanced EU multi-annual financial framework and the EU recovery plan. I always start my speeches these days presenting this sketch with the three big tsunamis that we are facing currently the COVID pandemic that is session the economic recession that comes derives from the pandemic and of course climate change and we all know that climate is an emergency and we need to try to limit it to below 1.5 Celsius increase beyond which there is extreme weather events and poverty for hundreds of millions of people with significantly increase. The European Commission with its European Green Deal has committed to carbon neutrality by 2050 this means that we need a global reduction target of at least 68% by 2030. A few days ago the president of the European Commission proposed to increase the 2030 ambition for reduction in emissions from 40% to at least 55% and this is a huge step forward because as we know very few countries are able at the moment to implement STG 13 which concerns climate action and if you see the second map on my slides the situation does not look anymore promising by 2030. So in 2015 we had the 17 sustainable development goals in a few months later we have the signature of the Paris Agreement and since then United Nations Sustainable Development Solutions Network this huge global network that tries to mobilize sustainability transition is issuing the its dashboard and index that shows the progress of each and every country in the world with regards to the achievement of the SDGs. So not only does the SDGs give us our blueprint for the sustainability transition but it also monitors our progress with regards to it. In 2018 IPCC tells us that we need to limit the increase in temperature not just by two degrees but 1.5 degrees which effectively implies zero net emissions by 2050 and in 2019 we have the six major transformations to achieve the SDGs which are a very convenient way to operationalize the SDGs mapping the why governments are organized in terms of implementing the 17 SDGs. 17 is too big of a number for any government to handle implementation is much easier using these six transformation education health energy decarbonization sustainable management of land water and ocean sustainable cities and digital revolution for sustainable development it is interesting that the different transformation have different requirements and specificities with regards to financing this transition we may come back to this a bit later. December 2019 we have the European Green Deal we know that this is about 2050 decarbonization, carbon neutral Europe by 2050, clean tech leadership by Europe and leaving no one behind in just transition an inclusive transition and of course then we had the coronavirus and we know the flattening the prevention curve, the microeconomic recession curve and what was important here is to try to avoid having the pandemic turning to a major economic and financial crisis that will long outlast the health crisis and this meant keeping the workforce into place channeling financial support from the government to the vulnerable safeguarding SMEs against bankruptcy support the financial system as non-performing loans mount and develop develop fiscal packages comparable to the crisis related loss of the GTP which of course will have to be financed by national debt. Many international and multilateral organizations have put together a recovery plan the European Commission did the same and we have our recovery plan which was 750 billion and enhanced as the 21-27 multi-annual financial framework of the European Green Deal what is interesting is that the money from the recovery plan have to be 30% climate mainstream and also digital mainstream so climate and digitalizing climate adaptation and mitigation and digitalization are our major axis of allocating the recovery fund money and based on the need to bring all these together we've at UNSDSN put together senior working group for the energy transition trying to identify pathways that will allow us to allocate the recovery fund budget the European Green Deal budget and of course the enhanced MFF budget according to the needs of each country and the needs of each country are identified by the technological and policy pathways that we are putting together for climate mitigation and adaptation across EU member states and these technological and policy pathways aim to the joint implementation of the European Green Deal and then 17 sustainable development goals that are based on the European semester process country specific recommendations supported of course by the financial portfolios from the budget of the European Green Deal the EU MFF and the recovery plan the the the this exercise is developed for member states politicians and decision made makers in order to facilitate identification and absorption of the funds at national level and create cross-country alliances for a sustainable recovery but also facilitate public private sector partnership in order to mobilize private resources for the implementation of the European Green Deal and at the end of the day create a climate pack manifesto between the policy makers the politicians the business the financial sector and civil society in order to implement this transition it is very important that the European Green Deal aspires to be financed partly 50% by the budget of the EU and the income from ETS emission strategy system but the other half of the one trillion has to come from mobilizing private resources in in the days of a pandemic when everything needs to be financed by public debt it is important for the public sector to come in to achieve some some rebooting of the economy by big infrastructure projects and create a level of certainty in the economy in order to attract the interest of the private sector to come in and invest the pandemic has created such a big economic uncertainty that it is almost impossible to convince the private sector to come in what we need now after so many crises the financial crisis the climate crisis the covid crisis is a fundamental transformation of economic social and financial systems that will trigger exponential change in strengthening our social economic health and environmental resilience and we need big thinking and big changes we need systems innovation we need top-down mobilization like the climate loan and of course our national energy climate plans which is if you look at them consistently and additively it is obvious that the EU needs to raise to climate ambition and it is obvious that some countries need more incentivization towards embarking on a pathway towards a climate neutral economy by 2050 but we also need bottom-up mobilization and here is where the climate part of the european commission is coming in uses systems innovation approach and co-design with all the stakeholders of the future pathways it is indeed important to realize that although global power demand will grow we have on the supply side the renewables consistently cheaper than fossil fuels energy storage installations increasing exponentially strong energy efficiency improvements large-scale carbon capture and transition to circular economy this means that we have a immobilizing situation towards a green recovery and it is one argument that the energy sector needs to kickstart the green recovery after the pandemic and this is what we are going to talk about in this planning area we need an ambitious agenda set for job creation and climate change goals and we need the public sector leadership on investing in clean energy i'm wrapping up in one minute so it is very important to understand what is the relation between job space green recovery what is the relation between the jobs that are created during a transition to a carbon neutral economy and the jobs that are lost due to facing our fossil fuel there are some reports the wealth employment social outlook that indicates that the transition to a sustainable economy in the energy sector results in a creation of 24 million jobs globally while only six million jobs will be lost and we have a net increase of 18 million according to this report the net increase in europe will be about two million however we have the world experts which is our first speaker doing that the net effect on jobs from a green recovery is much bigger he's talking about 160 million jobs to be created globally and four millions to be lost in fossil fuel industry and he's also pointing to the need to for investing in capacity building for the existing workforce in order to become able to respond to the new challenges of the new sustainability transition so on this note i will stop talking and i will bring in the true expert on the subject professor um uh polling who has been working on this area for many years and has produced extremely interesting results professor robert polling is a distinguished university professor of economics and coordinator of the political economy research institute at the universities of massachusetts answer professor calling polling please come in thank you uh and thank you very much for inviting me to participate so i'm going to focus uh primarily on the um how we do the estimate and thank you feeby for uh mentioning the article that i wrote uh some months ago uh with a much higher uh rough estimate of the employment opportunities generated by a clean energy transformation than was uh estimated in the ilo study that you were referring to okay so uh my first uh slide if you'll change it uh alana um is what what you're looking at is just some estimates that i've done uh over the past several years with co-workers which shows um the uh difference differentiation in the job creation uh through investing in a clean energy uh infrastructure versus maintaining a fossil fuel energy infrastructure and the first set of numbers and i hope you can see them decently uh show us figures for uh six countries that all of which are fossil fuel producers right now major fossil fuel producers brazil china india indonesia south africa and the us and if you can see just uh focus on the for right column uh for a minute what we observe in going from country to country is that investing in building the clean energy infrastructure generates about two to three times more jobs per dollar of expenditure in all the countries we've looked at there is variation as you'll see uh but uh the clean energy uh investments are job generators relative to investing in the fossil fuel economy and then the second uh set of numbers the smaller three countries uh germany south korea and spain um emphasize a critical or related point is that for countries such as germany south korea and spain that are effectively 100 percent or close to 100 percent energy importers that job creation of course is a total benefit and so the transition from a energy infrastructure uh existing in which you have to rely on imports to one in which you can generate uh your energy primarily through domestic resources is a boom into a major uh expansion of job opportunities okay so let's switch to the next slide and uh now i'm going to focus on the methodological issues so the question is okay you see my numbers in which we say we're going to create two to three times more jobs per dollar or whatever your money unit is of expenditure um how do i know that and for that matter fee be referred to my article um in which i basically claim that the net job creation was you know in the range of 160 million jobs as opposed to uh 30 million jobs that the ilo came up with well why should you believe me why do i think my numbers are any good okay let me explain my methodology very straightforward the basic tool is the input output tables which are available for all almost all countries a lot of regions i do work with us states and we we generate numbers for us states as well and these uh tables are based the the raw materials are based on enterprise surveys of how business operations work in other words you ask entities businesses public sector enterprises um what do you do when you walk into work every day or people aren't walking in now but generally what what makes your enterprise go you know how much do you spend on labor and how much do you spend on everything else in other words buildings machines energy inputs land okay and that's basically how you construct an input output table and you can go from relatively uh low levels of specificity to very highly specified models such as those for the us which includes 546 activities in which we describe what goes on inside the enterprise now from those data um we're able to generate what we can call employment to output ratios so we know what is getting produced in let's say a car manufacturer a glass manufacturer retrofitting buildings we know what the final product is the output and what we can also discern from the data are how much employment uh takes place to produce a car window or to produce a a clean retrofitted building or to raise public transportation levels so that's what we call an employment output ratio and uh that the way that we uh specify that and in the table i showed you the first table it was the number of jobs that get created by spending one million dollars and of course we can change the units money units but it's basically the number of jobs created for a given amount of spending okay so that's our basic measure employment to output and uh what we can also observe within the input output tables are three categories three channels through which jobs get created and we call them direct jobs indirect jobs and induced jobs the direct jobs are the jobs generated within the activity itself so in other words if we are retrofitting a building to make it more energy efficient how many people show up at the building to put in the new windows to put in the insulation uh to improve the uh caulking and the doors if we're if we're putting solar panels on rooftops how many people are required and and so forth so that is the so-called direct jobs now indirect jobs are the jobs along the supply chain if we are installing new windows in a building um who produce those uh windows in the first place and how did the windows get from the manufacturer to uh the the building that is putting in the new windows or to the car manufacturer that's what we call indirect jobs and those are the two main important categories of job creation that we measure the third category is called induced jobs those are the standard multiplier effects that you learn about in intro to macroeconomics in other words when people are hired into the new direct jobs and the new indirect jobs that means they're getting wages and they have money in their pockets they spend the money and that their expenditures will in turn create these multiplier effects uh that will create more jobs and that's what we call the induced effects within uh the input output model so this is the three ways through which jobs get created okay so now the next slide okay um um yeah okay so uh why do we get differences why would we get two to three times more jobs in the united states uh for uh producing a clean energy uh investment program versus maintaining the fossil fuel infrastructure so there's three sources of these differences and it's very straightforward once you think about it one is what we call labor intensity so in other words if we're going to retrofit a building are we're going to put solar panels on roofs or we're going to build a solar installation uh utility scale solar installation how many people do you need to do the work okay how many people do you need to do the work relative to how much are you going to spend on machines buildings land and energy and that's our standard measure of what we call labor intensity the higher the percentage of labor inputs labor intensity the more jobs you get secondly compensation how much are you going to pay the workers so if you pay a worker a hundred thousand dollars uh for uh to perform a given task um you're going to have fewer jobs available than if you're paying people fifty thousand dollars so compensation is the second consideration and the third if we're thinking about job creation in a given country would be domestic content so if we're putting solar panels on roofs how many how much manufacturing is being done within say my country the united states um how much of the delivery is taking place within the united states and the installation versus if we are purchasing um oil from canada or mexico or saudi arabia or venezuela uh how much of all of that is being imported versus how much is being done domestically and so those would be the three considerations and those will always be the three considerations and that's it it's a very simple set of of variables here note there is nothing about quote green jobs per se it's about labor intensity compensation and domestic content and once we can identify relative labor intensities compensation levels and domestic content we know how many jobs you're going to get through a green investment activity a clean energy investment activity versus a fossil fuel activity we don't have to define green jobs per se as long as we can define the activities within the input output model okay next slide uh okay uh yes so the finally i want to end with uh i i express things in very simple terms and the basic framework is simple and it works and i'd say it's robust i've used it over and over again in many countries uh people have tried have criticized it and i think we've defended it quite well but let me uh complicate the story a little bit as in terms of closing first when i say we're investing in clean energy um that's conceptually pretty straightforward we want to do things that will get us to a net zero global economy um but uh specifically within the out input output model there isn't a category that says clean energy uh so we have to uh construct that we have to do it synthetically we have to define what we mean and we have to assign relative weights to various activities so i've given you examples like building retrofits or public transportation or solar energy or wind energy and when we talk about solar energy do we mean rooftop installations or do we mean utility scale and so all of those things need to be specified within the input output model each of those activities and then we have to say well what proportion if we're spending a trillion dollars what proportion of the trillion dollars will go to solar what proportion will go to wind what proportion will go to building retrofits electric vehicles and so forth that's the first big thing that you need to work on secondly the input output model is what we call a static model it is a snapshot of the economy at a moment in time and so we're looking and it's a very good snapshot they're they're reliable numbers because they're based on pretty well worked out industrial surveys but that's the snapshot and we're talking about a clean energy transition over the next decade to get to roughly a 50 percent emission reduction and a net zero by 2050 so we have to incorporate changes over time and how we do that is something that you know we can debate uh you can do it in various ways but we do have to take account of that because clearly labor productivity over time is going to improve and that means that we will need fewer workers in 2045 than we need in 2020 and then the third and critical factor is okay we're talking about so far jobs jobs jobs numbers of jobs but what about these jobs are they good jobs and we talked briefly about compensation levels generally speaking the compensation levels in the fossil fuel economy today are better than the job than the compensation levels in the clean energy economy so we want to talk about improving job quality and then Phoebe mentioned we what about are people are people ready to take these jobs are they well qualified so we have to look at the workforce composition whether people are trained and to get into these jobs and to the extent they're not we need to improve it and then finally we need to look at who is getting these jobs generally speaking these jobs are are performed right now made now by males men and in the united states specifically white males overwhelmingly and so we have to think about ways to expand access to make these jobs equally available to all sectors of the society thank you very much it's very clear and a very useful methodology indeed i am trying to use it and not just your results but the methodology as a whole for this project that we have on mapping the effects of the transition to sustainability in Europe in Europe and the implementation of the european green deal i wanted to ask how do you handle the for example the future jobs that are not on table right now for example the european commission announced that after 2030 they want to move towards a hydrogen economy how how do you deal with that i mean how can you incorporate in your analysis a future estimates of a hydrogen based economy when we don't have enough information today for that well we do have some information so we do you know we can look at basically the uh technical research the literature on what what is the production methods for undertaking hydrogen waste energy just like we would do for solar energy or wind energy or coal um now it's more speculative of course the fact that we don't have a mature industry means that the production methods are likely to change more rapidly but we go with what we know and then we specify within the input output model what we know about uh existing production yeah obviously and uh i have questions from the audience that are also very interesting and i have the same question in my mind uh obviously uh the transition to clean energy is one major issue in the sustainability transition but the sustainability transition also concerns conserving ecosystem services uh concerns um the transition to circular economy which is supposed to be a big part of the sustainability transition cancelling out pollution and keeping resources in constant use so how do you deal holistically with these issues not just the carbonization but also the conservation aspect of the sustainability transition basically it's the same technique um and i actually have been modeling uh issues around regenerative agriculture and land conservation and reforestation and you know the technical again uh once we know what it takes to get people to do these jobs and they are activities and you can assign it within the input output model you can get job creation and of course by the way these active regenerative agriculture is hugely labor intensive so if you want to create a lot of jobs quickly uh that's a much faster way than say uh some most of the clean energy at other activities yes and actually we tried to uh map ecosystem services using of water food energy nexus using input output table in the way you're proposing your methodology and i think it works and that's why i think your methodology is holistic and and very very very useful uh rob uh thank you very much i in the interest of time i need to move to our second speaker who comes uh from europe uh dr mirko armiento uh he is a senior researcher at nl foundation and will give us uh his experience on jobs and job creation and energy transition mirko the floor is hello can you hear me yes very well if you want to share your slides please yes yes i'm doing okay so thank you very much first of all let me thanks sds sam um for for this invitation for inviting a foundation and also today is a great day because uh we just announced a new partnership with sds sam for providing research activities in particular for the implementation of the european green deal by applying the six transformation you would just mentioned before maybe and but apart from that today i'm here uh to present the results of a study that we uh undertook together with the uroelectric uh cambridge econometrics and the guide house uh and we presented the this summer the study is called equality in shaping an inclusive energy transition and the research question was how can uh can we assess the effect of the carbonization policies on on inequality in particular uh we also assess the effect on economy and on jobs but the main uh focus was inequality because it's uh together with climate change one of the the most crucial issues i think that we should address uh nowadays uh together with covid probably um of course but um uh so we basically uh selected the six key uh decarbonization policies uh this decarbonization policies the decarbonization policy that aim that can allow us to uh reach the target of the to achieve the target of the uh 95 percent of co2 reduction by 2015 in europe and uh we see uh what happens in terms of inequality uh in the year 28 uh these results also helped us to select some best practices and some case studies and we also were was possible to to have some mitigation policies some policy option that uh if combined can also allow us to have uh an inclusive energy transition so um just to go a bit more into detail uh here you can see in these slides these are the six decarbonization policies that we uh considered in our modeling called E3ME it's the Cambridge econometrics modeling uh it's also used widely by the european commission and basically uh the the the scenario the individual policy scenario like this so carbon pricing taxation on energy vector the subsidies for uh low carbon technologies the phase out of fossil fuel support the emission performance standards and the measures to increase energy efficiency as you can see from these graphs which represent the gene index variation for reach of this individual scenario uh in uh in the year and the considered year uh you can see that some policies are regressive if taken individually and some others are more progressive it's the case for instance of carbon pricing of taxation when when we mean regressive we mean that the effect uh i mean the costs are are beared by uh are beared by the the lowest uh income households and then it could be uh i mean uh impact negatively on them uh and progressive we mean the opposite uh then for instance is the case of more progressive measures such as the energy efficiency measures or the subsidies for low carbon technology but uh what's most important is that this was the starting point but of course uh in order to achieve an objective you need to implement all this policy together you don't implement just one second policies and that's uh that's uh of course when you implement a package you have multiple effects overlapping on policies and effects then the the things is a bit more complicated and we will so basically with the climate policies if there is no policy action you so you don't act proactively uh so there is no policy maybe don't act proactively in advance then you will have uh regressive effects then the population probably and and there will be no social acceptance and we saw this already in europe with the g-region movements and other movements that were opposing not to climate change but to the fact they they would pay much more than others and but it's possible to to avoid that as as we will show you in a few in a few moments so starting from that we started to select and investigate what were the the best let's say case studies around the world and the best policies that can act to mitigate this impact and we find out that in europe for instance since nineties in sweden there was uh uh proposed that uh an implement in a reduction of vat or taxes on electricity bills and this also helped to counter the regressive effects of specific environmental taxes then this can be an idea then uh in italy uh very recently uh the the government implemented a target that supports a scheme for energy efficiency to obtain it's possible to obtain 110 percent tax refund for investing in energy efficiency measures and also we'd know up from cost for the lowest income households in scotland there were several successful job retaining program for people employed in fossil fuel sector but at the same time it's not just europe in in north america we have for instance in canada the lump sum transfer that were introduced to upset the increased households cost uh specifically coming from carbon pricing and in california we had the compensation part so these are all very best practices and starting from this we uh considered the the different criteria among them simplicity effectiveness specifically and deployability into the u we selected four key mitigating policy options that can help also to uh balance much more the decarbonization policies that i mentioned at the beginning then we selected the lump sum transfer for instance if we redistribute the revenues through lump sum transfer or at the same time with the same amount of money we lower vat or taxes on electricity this can really help a lot then uh if we implement targeted energy efficiency measure specifically with no up from cost uh if of course it's very important also to have a proper and functioning job retaining program to take a bit unemployment in the most affected industry but at the same time it's also important funding subsidies for the most innovative low-carbon technologies uh for instance via general taxation or using as well the carbon revenues so if we all consider combine this policy option together with the the the climate policies the six let's say selected climate policy we see that the effort on on a genie index variation will be completely different uh in the red area here in this graph you can see that if we if there is no proactive let's say policy making uh so with the simple standard revenue balancing or without revenue balancing you will have a regressive effect then it means that who will be the cost it will be the lowest income household but if we implement this for policy option with i mean recycling the revenues coming for instance for taxation analysis vector or carbon pricing and you use lump sum transfer or the other measure i i mentioned just before uh that the effect will be much progressive as you can see for instance in 2040 we estimated that there will be less 1.5 percent of the gene index variation and this for gene index it's it's it's a lot let's say uh we also introduced the sensitivity analysis in order to assess what will be the effect of covid and of course it will be a negative effect on the combined policy package but the effect won't be so large i mean it's in terms of 0.05 percent the difference uh so just to the last few slides uh you we also assess what will be the effect of this combined policy package on GDP and unemployment and as you can see from this graph our morning we say that it would be positive so I agree completely with professor Paul in that energy transition will create a lot of jobs and also will push GDP and finally this is my last slide we'll have a progressive effect all over Europe so with particularly as you can see from this graph uh some areas such as central and eastern Europe or southern Europe that are some somehow most more peripheral economy they have more peripheral economies can benefit the most from this uh from this policy policymaking uh options implemented so uh we conclude saying that this is valid for Europe of course but I think can be can be replicated a similar study for other in other parts of the world and I guess the results can be very similar or at least comparable in in terms of what are the takeaways so for me the main takeaways of this study was that if we act proactively uh and the policy making policies are implemented uh in advance then we can take all both the issues of inequalities and climate change at the same time and we can address it effectively so thank you very much for thank you very much this is a very interesting fact we definitely integrated in the implementation of the Green Deal project that we are doing currently and we are definitely working with then a foundation for that as well so thank you very much for your clear presentation I have an interesting question for the audience I know it's um uh at the moment too much to ask but I will uh pose it to you lately we've been talking a lot about uh lifestyle dysfunction and happiness and discussing that GDP is not an adequate measure of development and growth and the question is is it about time to integrate uh life satisfaction subjective well-being into the measurements of job creation and the effects on employment well you asked the question to the right person because actually I know an alternative to GDP and uh well it was a monitor indicator but not with subjective well-being but that was very interesting in reading the literature and I think yeah the time is coming because I mean also after this last crisis global crisis that is affecting us so I think it's always more and more important so of course I am a big fan of of modifying GDP because as or at least in in finding alternative measures to compare GDP with this is this is very important because it can really tell us what what can I mean how how we are how how what is the level of the well-being of our society so of course for me these things especially if related to the to the jobs satisfaction and with this big change that is I mean happening right now with smart working and so on I think this will be a question for thoughts for the future thank you very much Mirko I have to it's there's never enough time there's never enough time uh I need to move to our last speaker uh who is a professor Hyunshun Cheon president of the korean energy economics institute we are very happy to have you with us uh please uh professor jung the floor is yours thank you professor pb let me explain our characteristic energy sector first korea energy sector is characterized by the dominance of fossil fuel which account for 83 percent of total primary energy supply strong dependence on energy import at 84 percent of total primary energy supply and also dominance of industrial energy use at 55 percent of total final consumption in 2017 korea government is committed to advance the country's energy transitions by increasing the share of renewable electricity to 20 percent in 2030 and 30 to 35 percent in 2040 to gradually phase out coal and nuclear from the energy mix while significantly improving energy efficiency another party agreement korea is committed to limit is greenhouse gas emissions to 536 million ton equivalent uh next slide please thank you as you can see the slide to reach the target korea must overcome the past past dependence problems reaching the ambitious target will require korea to enhance decarbonization effort across all energy sectors address regulatory and institutional barriers introduce flexible market designs make use of advanced technology and innovative capacity next slide please as you can see we have uh corona 19 virus uh crisis so which impact i would like talking about the impact of covid 19 on korean economies next slide please thank you covid 19 has a negative impact on korean economy but its impact is small compared to other countries according according to the oecd economic survey korea is experiencing the soar lowest recession among oecd countries the project contradictions in gdp this year is milder than other oecd countries next slide please this slide uh show the impact of covid 19 on the total primary energy supply in korea the total primary energy supply is expected to fall by 1.4 percent to 299 million ton oil equivalent in this year from the previous years as you can see there are big uh decrease in oil and coal in 2019 and this year next slide please and also we have some impact on uh final energy consumptions the final energy consumption is also expected to fall by 1.3 percent to 228 million to in this year from the previous years as you can see there is a big uh decrease in oil and also transportations next slide please thank you covid 19 and drop in oil price have different impact on energy industry by energy source decreasing demand for petroleum product city gas and electricity will reduce the sale of industries meanwhile the impact of covid 19 on the low carbon industry like as renewable energy efficiency are expected to be limited next slide please now i'm going to explain the korean new deal including korean deal briefly next slide please with regard to green economy the government recognized the impact of climate change on the spread of disease seeing how fast covid 19 has transmitted throughout the world new jobs are expected to increase along with demand for workers with new skill and technology but there would also be jobs no longer needed and a falling demand for low-scale workers the korean government announced korean new deal including green new deal in july this year as part of its post-covid 19 recovery package which is a significant step increase along the path of korean energy transitions next slide please thank you the goal of korean new deal is transform the economy from fast follow to leader from carbon dependent economy to green economy with the society going to more inclusive one there are two plus one policy these are new deal and green new deal and stronger safety net which will be implemented with strong financial support and improved regulation to promote the private sector next slide please so as you can see there are key project by the three different years for example digital new deal has three key projects like s data dam ai smart health care for green new deal has also three different key project such as green new green remodeling green energy and also the last one is echo vehicles next slide please so actually i don't have enough time so i'm gonna briefly explain about the key project of green new deal so as you can see that there are eight green new deal and also the government to choose three major project out of eight green new deal project and also the government has investment plan the government who has planned to invest 61 billion u.s. dollar will be invested until 2025 and we estimate 60 659 000 new jobs will be created and also we count which means 10.7 jobs per injection of 1 billion u.s. dollar next slide please i'm gonna briefly explain about the one by one for major project of green new deal the first one is green remodeling the total of 3.1 trillion won will be invested by 2022 creating 78 000 new jobs and by 2025 a total of 5.4 trillion won will be invested also we expected to creating 124 000 new jobs so green remodeling has different projects like as public dental homes and daycare centers and recreation facility so we try to make more energy efficiency and also we try to construct new and also we do other things next slide please oh previous one the green energy one thank you so the second major project of green new deal is green energy the total of 4.5 trillion won will be invested by 2022 creating 16 000 new jobs and by 2025 a total of 11.3 trillion won will be invested we also expecting a new job of 38 000 so green energy has wind power solar power hydrogen economy and also the green energy support transition from fossil fuel generation to renewable energy generation next one please next slide please the last third one of major project of green new deal is eco-friendly vehicle so as you can see the korean government has planned to increase the number of electric car hydrogen fuel cell car and also we try to promote scraping of old diesel vehicle including construction vehicle and farm machines also we try to promote replacing with energy vessel and use a diesel particular a filter for public vessels next one please so i'm going to briefly explain about the greenhouse gas emission target in korea so as you can see the previously our target was reduced the greenhouse gas emission by 37 percent compared by ba u but we slightly changed the slightly changed the portion of domestic mitigation portion as you can see we tried to reduce the portion of international offset and last year the end december so we changed the target like as from relative target to absolute target so right now the korean greenhouse gas emission deduction target is 24 to 4 percent by 2030 compared to 2017 emission levels next one please this is my last slide to get a target the government has many different measures and plans for example i would like to explain about the transportation the korea government announced a revision to the standard for greenhouse gas emission from vehicle and mileage to the defect from 2030 car will be required to emit 70 gram of greenhouse gas emission per kilometer lower from current 97 gram per kilometer and have better mileage 33 kilometer per liter of fuel longer than current 24 kilometer per liter so there are many other measures and some plan and strategies so if we have some more questions please let me know so actually this is my presentation for the korean new deal and also greenhouse gas emission target thank you very much thank you very much very informative because it is not europeans are very familiar with and we are excited to hear about green deals in Asia in the US that are important and i say that as a response to one of the questions which says that it appears that green deals are localized they are not green deals are about international trade and cooperation and competitive advantage and they they are focused on on their success is based on international trade efficient international trade so it seems to me that the korean green deal is consistent with what is going on in the US and in in Europe you are focusing on decarbonization on circular economy immobility energy efficiency is circular economy part of the picture and in order to devise your green deal do you take as an example maybe the european green deal that there was the one that was the first one on table uh how did you use the the european experience in what you've put together group is a pb uh that is a very important questions and very good comment but as you may know our korean green deal announced this july so that means it only have two months so we are still studying and working on how can we make korean new deal to success and also our war is we try to transform our society to low carbon society so we're studying about or benchmarking to european new deal and also the i understand the usa case also based uh thinking about the american style of new deal so we make a benchmarking and compare together and then each country has their own characteristic of new deal so we try to make successful and sustainable to our society to low carbon so please wait more and we will study and then uh sharing about our information thank you so much it is so important that each and every continent each and every country have their green deals so that they are no um uh border issues with regards to imports and exports with regards to importing uh fossil fuel high content uh imports and exporting low fossil fuel content so it what is important is to have a global climate pack and this is what president magro is trying to put together so that everybody all stakeholders in each and every state really commit to their signature in the sustainable development goals and agenda 2030 which has been signed by 193 uh states and it's our um global agenda so uh thank uh thank you to a big thanks to all uh three speakers uh the methodological introduction by rob uh the um nice european project european analysis by mikro and you uh johnson uh bringing together the asian experience has been a very very interesting and very promising for the global transition what i want to reemphasize is that in this transition we uh need to make sure that we uh keep everybody involved it has to be in just transition we can leave no one behind and i think the biggest challenge is not to become greener the biggest challenge is to be able to provide capacity building for our workforce in order to keep uh synchronize in order to synchronize with the incredible incredible pace of technological advancements i am worried that this fourth industrial revolution will be a huge challenge on our workforce and our um and the way we are gonna try to handle the synchronization of our education and capacity building and skill provision with the advancements in technology will be one major uh future challenge thank you all i hope you enjoyed the session as much as i did thank you thank you