Video

Professor Raekwon Chung, Nobel Peace Prize laureate and member of the Board of Directors of the Ban Ki-Moon Foundation for a Better Future, South Korea's first Ambassador for Climate Change, delivered a presentation titled "Economic and Social Innovation for Climate Innovation" at the Cantral Bank of Hungary.
Csaba Kandrács, deputy governor of the Cantral Bank of Hungary praised Professor Chung's pioneering work and highlighted the central bank's green mandate and dedication to the green transition.
Since 2005, Professor Chung has played a pioneering role in developing the concept of "Green Growth" as the Director of Environment and Development Division at the United Nations Economic and Social Commission for Asia and the Pacific.
At the beginning of his lecture, he presented his innovative theory, which interprets climate change as an opportunity for economic growth and job creation. He then briefly introduced his study titled "Low Carbon Green Growth Roadmap," which outlines a sustainable growth model that focuses on reducing greenhouse gas emissions and environmental pollution. "Green growth" is a new national development paradigm that creates new jobs by building on sustainable technologies and clean energies.
Professor Chung is a trendsetter advocate for the new, inclusive, and sustainable climate economy. According to him, economics that embrace these values should primarily focus on the challenges of consumption. During his presentation, he introduced the concept of "Personally Determined Contribution" (PDC), which entails individual and voluntary carbon payments for anyone consuming carbon-emitting goods and services. The professor emphasized that the essence of the concept is to not only hold the producers of goods accountable for carbon emissions but also provide consumers with the opportunity for voluntary responsibility.
During his visit to Hungary, Professor Chung also delivered a lecture titled "Redefining Economics for Sustainability" to students at Budapest Metropolitan University.
0:00 | Opening
1:25 | Csaba Kandracs: Welcome Speech
6:58 | Raekwon Chung: Economic & Social Innovation for Climate Innovation