By Honorary Reporter Shrey Sharma from India
Photos = Yoo Jonghyun

As a student interested in global climate policy and environmental risk, I was drawn to the research of Yoo Jonghyun, an assistant professor of environmental economics at Seoul National University (SNU).

Bridging economics and sustainability, he is working on his latest project of estimating Korea's social cost of carbon (SCC), a metric that evaluates the monetary cost of carbon emissions. He majored in environmental economics at SNU and went on to earn a master's in the same subject and a Ph.D. in environmental and natural resource economics from Yale University. 

Seeking to directly influence Korea's climate policies, he is also active in related projects, forums and conferences such as the Seoul Metropolitan Forum on Urban Competitiveness. 

Yoo Jonghyun is an assistant professor of environmental economics at Seoul National University.

The following are excerpts from a June 6-7 email interview with the professor.

Briefly introduce yourself and your role at SNU.
As an assistant professor of environmental economics at SNU, I teach and research economic principles to tackle climate change and natural disasters. My economics background allows me to use models and real-world data to analyze the impact of environmental risk on human life and the economy. My research aims to develop actionable policies that foster a sustainable future, protecting both people and the environment.

What is the core goal of the R&D project you are leading on Korea's SCC?
The project focuses on calculating the SCC for Korea, a number estimating the economic damage caused by emitting one ton of carbon dioxide. This involves using Korea-specific data to measure annual economic losses from climate change across sectors and regions. This allows us to come up with a precise SCC reflecting Korea's unique climate risks, population structure and infrastructure, serving as a policymaking tool.

The professor on June 21, 2024, speaks at an international conference on the social costs of climate change in Korea at the hotel Glad Yeouido in Seoul's Yeongdeungpo-gu District.

How will your research affect Korea's climate policy or 2050 carbon neutrality plan?

A precisely calculated, Korea-specific SCC will be instrumental in providing strategic decisions on carbon pricing mechanisms, guiding targeted investments in clean energy and defining the most efficient pathway for Korea to achieve its net-zero targets by 2050.

What is Korea's biggest hurdle in honoring its long-term climate commitment?
The biggest challenge is human behavior and our tendency to only focus on the short term. People tend to prioritize the immediate costs of a policy over the future damage of inaction. Cutting emissions today might feel costly, but delaying it intensifies damage from escalating climate impact. So we must emphasize the need for early and proactive risk reduction, persuading political leaders to take long-term action.

How would world cooperation, especially in Asia, boost carbon-lowering plans? 
Due to its rapid development, Asia is both a major contributor to global emissions and holds immense potential for climate solutions. Unfortunately, there's not enough coordination between Asian countries, hindering the process. Greater collaboration in clean energy innovation, policy harmonization, and regional carbon pricing will contribute to more effective carbon strategies.

What advice do you have for young people interested in environmental protection?
Climate change is going to be one of the defining challenges of your generation. But that also means you have the chance to be part of the solution. Regardless of what you study, your skills are crucial as they can be applied to solving this problem. We need ideas and passion to drive real progress in this long-term collective effort. If you care, I strongly advise you to dive in.

msjeon22@korea.kr

*This article is written by a Korea.net Honorary Reporter. Our group of Honorary Reporters are from all around the world, and they share with Korea.net their love and passion for all things Korean.