Korea Seeking to Become Green Economic Power
By Na Jeong-ju
Staff Reporter
The government should invest 107 trillion won ($79 billion) over the next five years to nurture green growth technologies, in an effort to make Korea one of the world's top seven ``green economic powers'' by 2020, a presidential council said Monday.
The investment is forecast to create some 1.8 million jobs and help related industries emerge as future growth engines for the Korean economy, according to the Presidential Council on Green Growth.
The council proposed the government set aside at least 2 percent of gross domestic product every year until 2013, to brace for a change in the economic landscape. The economic effects from this will range from 182 trillion won to 206 trillion won, it said.
The council unveiled the five-year plan in a briefing to President Lee Myung-bak at Cheong Wa Dae.
``Green growth will become a new economic paradigm as the world is seeking a new trend to ride out the ongoing crisis,'' Lee said.
The council came up with a 10-point action plan to raise the competitiveness of Korea's green growth technologies.
Under the proposal, the country should set up guidelines for construction and public transportation firms this year to drastically cut carbon emissions; develop nuclear technologies in a bid to decrease energy dependence on oil; enhance disaster control systems; and expand markets for light emitting diodes, solar cells and hybrid cars.
The administration should also nurture service industries, such as medical and education markets; introduce financial products to attract private funds into green industries; construct carbon-free buildings; issue certificates for green growth firms; and increase global cooperation on green growth.
``A plan to nurture environmentally-friendly industries is crucial for the country's economic future,'' Kwon Tae-shin, chief of the Office of the Prime Minister, told reporters. ``Korea will actively participate in global efforts to cut greenhouse gases and establish technological standards for green growth.''
The administration plans to designate 600 ``green growth villages'' nationwide to test new eco-friendly technologies. It will also establish theme parks on bio energy on reclaimed lands in the capital area to raise public awareness of environmental protection.
Firms developing solar cells, electricity-saving equipment and hybrid cars will get full government support. The country will help those firms increase their global share to 8 percent by 2012, the council said.