Believing in ecology as an engine of growth, South Korea will invest up to more than 12 trillion won or approximately $9.5 billion by 2013 in a plan that may yet be called the ‘Greening’ of South Korea.

Decided upon last January in response to the economic crisis, the Green New Deal which mixes industrial, political, and public mobilizations should be reflected in late June by a real five-year plan for ‘green growth,’ the first of its kind in the world. This comes as a surprise since South Korea never signed the Kyoto Protocol.

Some of the measures already announced include the development of renewable energy; green products, services, and technology; ‘green investment’ in low-carbon infrastructure such as green transport facilities; revitalization of polluted rivers; creation of a market for carbon emissions; and a system of environmental taxes, and fiscal and financial incentives to encourage companies and individuals to invest in sustainable development.

The plan is expected to create nearly a million jobs. The massive campaign has a twofold objective: to ensure the country’s energy independence and position as a world leader in technology. Investment in alternative energy sources is also seen to benefit the trade balance. The country wants to increase its market share in the ‘green’ industry.

South Korea is the 10th country in the world with the highest energy consumption and the 5th largest importer of oil. That is why the ‘green growth’ strategy is earmarked to double the country’s energy efficiency in the next forty years.

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Via KOREA.net