This is the third and last in a series highlighting the legacy of President Lee Myung-bak, who leaves office on Feb. 25. — ED.
By Kim Ji-soo
One of the key policies of the outgoing Lee Myung-bak administration is a green growth strategy that culminated with Korea winning the right to host the Global Climate Fund (GCF) in October last year.
After facing down competition from Germany, Songdo, Incheon, was chosen as the base for the multi-billion-dollar U.N.-operated fund to fight climate change.
This was the cherry on top of the cake following five years of government-driven initiative focused on green growth.
Since its outset in February 2008, the Lee Myung-bak administration upheld its green growth policy to achieve low-carbon economic growth.
Invited as a guest for the first time at the Group of Eight summit talks in Toyako, Japan, Lee declared that Korea is willing to "play a bridging role between developed and developing countries and help the world find common ground on addressing climate change." This signaled a departure from a nation that achieved industrialization at a breath-taking pace to one moving to achieve green growth or sustainable, low-carbon economic growth.
In November 2009, the Lee administration announced mid-term greenhouse gas reductions of 30 percent relative to "business as usual" by 2020 or cuts of 4 percent from 2005 levels. Despite its sometimes lackluster pace ― interrupted by questions over nuclear energy following the 2011 nuclear disaster in Fukushima and regarding the four-river refurbishment project ― the administration saw success first by launching the Global Green Growth Institute (GGGI) in 2010 that became an international body in just two years with 64 staff members and then landing the GCF.
Green growth has been regarded as crucial for Korea, whose energy dependency stands at 96 percent. In particular, the country's reliance on fossil fuel is over 80 percent, compared with 73 percent for Japan, 64 percent for United States and 53 percent for France.
The Lee government quickly established the Framework on Low-Carbon, Green Growth and the Act on the Allocation and Trading of Greenhouse Gas Emissions Allowances. Compiled in these two acts is the essence of green growth, which is to develop clean energy power and to introduce a carbon trade system.
"Korea is now an advanced nation, so having two major laws governing green growth is significant," said Kim Sang-hyup, presidential secretary for green growth. "These two laws are vital foundations to continue with green growth, which has become a common language and a global asset."
Under the two laws, Korea will seek to use clean renewable energy including nuclear power and launch a carbon trading system in 2015.
Thus, green growth will likely continue as a significant area of interest under the new Park Geun-hye administration, he said.
Kim also expanded on the role of the GGGI and the GCF. The former, established in 2010 is now also an international organization charged with reducing emissions in developing countries. The planning and organizing committee for the GCF, which will be charged with "financing" fighting climate change, will start this year.
"The GCF will grow in line with negotiations on a new climate regime by 2015," he said.
But Kim revealed concerns about whether the proper funds will be raised through the GCF. "There is about $3 trillion of floating funds in the world, $1 trillion of which could be available to developing countries. We could tap into that because developed countries are still supporting developing nations mainly through overseas direct assistance. The task here is to raise the money in a bankable way," he said.
As to skepticism over whether developed countries would commit to such obligations, Kim pointed out that there is a common interest among both developed and developing countries in setting targets for the reduction of carbon dioxide emissions.
Last November, at the 18th session of the Conference of the Parties to the United Nations Framework on Climate Change Conference in Doha, Qatar, the Kyoto Protocol to slash greenhouse gas emissions was extended to 2020. Some 190 nations agreed to the extension of the protocol set up in 2008 to require developed industrialized nations to lessen emissions through 2012 by an average 5 percent against 1990 levels. The second extension would mean that the same obligations would continue through 2020. But countries including Japan, Canada, Russia and New Zealand have left the protocol, relegating it to a weaker regime where the participant nations account for 15 percent of the total emissions in the world.
However, the GCF will open belatedly and strive to raise $100 billion to fight climate change by 2020.
So the legal and the diplomatic foundations of green growth are in place. The challenge for the next government is to make this work and improve on it.
"The achievements of green growth are tangible, yet there seems to be a hesitancy, albeit understandable to the words green growth that associates perhaps too strongly with the former administration," said an industry official who requested anonymity.
By Kim Ji-soo
 |
| President Lee Myung-bak |
After facing down competition from Germany, Songdo, Incheon, was chosen as the base for the multi-billion-dollar U.N.-operated fund to fight climate change.
This was the cherry on top of the cake following five years of government-driven initiative focused on green growth.
Since its outset in February 2008, the Lee Myung-bak administration upheld its green growth policy to achieve low-carbon economic growth.
Invited as a guest for the first time at the Group of Eight summit talks in Toyako, Japan, Lee declared that Korea is willing to "play a bridging role between developed and developing countries and help the world find common ground on addressing climate change." This signaled a departure from a nation that achieved industrialization at a breath-taking pace to one moving to achieve green growth or sustainable, low-carbon economic growth.
In November 2009, the Lee administration announced mid-term greenhouse gas reductions of 30 percent relative to "business as usual" by 2020 or cuts of 4 percent from 2005 levels. Despite its sometimes lackluster pace ― interrupted by questions over nuclear energy following the 2011 nuclear disaster in Fukushima and regarding the four-river refurbishment project ― the administration saw success first by launching the Global Green Growth Institute (GGGI) in 2010 that became an international body in just two years with 64 staff members and then landing the GCF.
Green growth has been regarded as crucial for Korea, whose energy dependency stands at 96 percent. In particular, the country's reliance on fossil fuel is over 80 percent, compared with 73 percent for Japan, 64 percent for United States and 53 percent for France.
The Lee government quickly established the Framework on Low-Carbon, Green Growth and the Act on the Allocation and Trading of Greenhouse Gas Emissions Allowances. Compiled in these two acts is the essence of green growth, which is to develop clean energy power and to introduce a carbon trade system.
"Korea is now an advanced nation, so having two major laws governing green growth is significant," said Kim Sang-hyup, presidential secretary for green growth. "These two laws are vital foundations to continue with green growth, which has become a common language and a global asset."
Under the two laws, Korea will seek to use clean renewable energy including nuclear power and launch a carbon trading system in 2015.
Thus, green growth will likely continue as a significant area of interest under the new Park Geun-hye administration, he said.
Kim also expanded on the role of the GGGI and the GCF. The former, established in 2010 is now also an international organization charged with reducing emissions in developing countries. The planning and organizing committee for the GCF, which will be charged with "financing" fighting climate change, will start this year.
"The GCF will grow in line with negotiations on a new climate regime by 2015," he said.
But Kim revealed concerns about whether the proper funds will be raised through the GCF. "There is about $3 trillion of floating funds in the world, $1 trillion of which could be available to developing countries. We could tap into that because developed countries are still supporting developing nations mainly through overseas direct assistance. The task here is to raise the money in a bankable way," he said.
As to skepticism over whether developed countries would commit to such obligations, Kim pointed out that there is a common interest among both developed and developing countries in setting targets for the reduction of carbon dioxide emissions.
Last November, at the 18th session of the Conference of the Parties to the United Nations Framework on Climate Change Conference in Doha, Qatar, the Kyoto Protocol to slash greenhouse gas emissions was extended to 2020. Some 190 nations agreed to the extension of the protocol set up in 2008 to require developed industrialized nations to lessen emissions through 2012 by an average 5 percent against 1990 levels. The second extension would mean that the same obligations would continue through 2020. But countries including Japan, Canada, Russia and New Zealand have left the protocol, relegating it to a weaker regime where the participant nations account for 15 percent of the total emissions in the world.
However, the GCF will open belatedly and strive to raise $100 billion to fight climate change by 2020.
So the legal and the diplomatic foundations of green growth are in place. The challenge for the next government is to make this work and improve on it.
"The achievements of green growth are tangible, yet there seems to be a hesitancy, albeit understandable to the words green growth that associates perhaps too strongly with the former administration," said an industry official who requested anonymity.
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