Guangzhe Chen, vice president of the World Bank Planet Sector, said this in an interview with reporters on the 8th at the Sejong Convention Center during the annual event of the Korea Green Growth Trust Fund (KGGTF), KGID 2026. The Planet Sector oversees climate change, energy, the environment and agriculture within the World Bank. Chen has more than 30 years of experience in sustainable development and infrastructure finance at the World Bank Group and the Asian Development Bank.
Chen said recent data show that demand for electric vehicles has actually risen since the Middle East war. He explained that as gasoline prices climb rapidly in many countries, EVs are becoming a more attractive option. He added that soaring oil prices, driven by geopolitical risks in the Middle East, are heightening concerns over energy security and are ultimately encouraging the expansion of renewable energy and electric vehicles.
Chen said energy security has become more important because of risks originating in the Middle East. He noted that the spread of the artificial intelligence industry is sharply increasing demand for data centers and power infrastructure, making the ability to provide stable electricity a key factor in national competitiveness. Still, he added that each country’s energy mix may differ depending on local conditions. "Twenty years ago, solar and wind power were considered too expensive," Chen said. "Now they are highly competitive. In some countries, nuclear power can also be an option, and natural gas can play a transitional role."
He said, "There are not many countries in the world that have moved from low-income to high-income status within a single generation." He added, "South Korea is one of the most representative growth models that developing countries most want to learn from." In particular, he pointed to South Korea’s long-term planning, strong administrative capacity, investment in education and technological innovation as core elements of the Korean development model. He also emphasized that South Korea has shifted from being a recipient country that once received international support to a donor country that now shares its experience and funding.
Chen said, "In particular, the Korea Green Growth Trust Fund serves as a platform for sharing South Korea’s growth experience and policy capabilities with the world." Over the past 15 years, the fund, into which the South Korean government has invested about 200 billion won, has acted as seed money for global projects worth roughly 50 trillion won.
[Hyunjun Na]
This article has been translated by GripLabs Mingo AI.
