Finance Minister Hong Nam-ki said on Tuesday that South Korea will invest nearly four percent of its gross domestic product(GDP) in green new deal projects by 2025. 

Hong made the remark in an opening speech for a special session for the virtual Partnering for Green Growth and the Global Goals 2030, or P4G, summit slated to be held in Seoul on Sunday and Monday.

He said 73-point-four trillion won, equivalent to three-point-eight percent of the nation’s GDP, will be injected into various green new deal sectors such as green infrastructure, new renewable energy and green mobility by 2025. 

The minister stressed that in order for such policies around the world to not end up as short-term stimulus packages or mere rhetoric, countries will need a clear goal of carbon neutrality, as well as plans on when and how it will be achieved. 

As for South Korea, Hong said, the government is also working to raise its carbon emission reduction target, called the nationally determined contribution(NDC), by 2030.