The concept of Green Growth emphasises that growth and environmental sustainability are not merely compatible objectives, but are mutually necessary for the future of human kind. It integrates objectives for poverty reduction, opportunity creation, and social development, with objectives for environmental sustainability and climate and energy security.

Korea has enthusiastically adopted this concept as the core vision for its future economic growth. Announced on July 6th, 2009, the new national vision of Green Growth has policy objectives to ensure that South Korea becomes the world’s seventh-largest green economic power by 2020 and the fifth largest by 2050.

In addition, the National Strategy for Green Growth has formulated three strategies for the implementation of the Low Carbon, Green Growth vision:

• Mitigation of climate change and energy independence by limiting emissions, reducing dependence on fossil fuels, and strengthening the capacity to adapt to climate change.
• Creating new engines for economic growth through development of green technologies, promotion of green industries, greening existing industries, and advancing the industrial structure by engineering a structural basis for the green economy.
• Improving quality of life and enhancing Korea’s international standing by building green infrastructure, ‘greening’ daily lives, and becoming a role-model for the international community as a Green Growth leader.

The Strategy has mid (2009-2013) and long-term (2009-2050) perspectives with further specific objectives and action plans. Once implemented through the institutional systems created by the Framework Act on Low Carbon, Green Growth (April, 2010), the strategy will also aim to promote South Korea as a hub for green technologies. As part of the National Strategy for Green IT, 27 core green technologies have been identified that would provide future engines of growth for the Korean economy, ranging from virtual reality to CO2 collection, storage and processing technologies.

The Korean government has affirmed this vision of a greener future through several major initiatives. The Presidential Committee on Green Growth (PCGG), established in February 2009, has a mandate to discuss all subjects relevant to pursuing Green Growth, as well as co-ordinating government works in this area. At an international level, the East Asia Climate Partnership, launched in July 2008 by President Lee, aims to identify a regional strategy for creating a win-win synergy between climate policy and the economy by exploring the potential for an ‘East Asian Low Carbon Development Path’. Korea has also prepared an assistance package of US$200 million (2008-2012) to assist developing countries in East Asia through policy consultations on Low Carbon, Green Growth, and pilot projects for mitigation and adaptation technologies.

Furthermore, the Korean government has formulated the first of a series Five-Year Plans (2009-2013), which provides for an ambitious investment of KRW 107 trillion (approximately US$83.6 billion, representing 2 per cent of South Korea’s GDP), to be spent in the areas of climate change and energy, sustainable transportation and the development of green technologies. According to the PCGG, that budget will be specifically focused on research and development in green technology, including solar energy and fuel cells, restoration of Korea’s four major rivers and green transportation.

The policies that will direct Korea toward a cleaner, greener future are being implemented now. Korea is currently the ninth-largest emitter of greenhouse gas emissions from non-Annex I countries, yet has reduced the mid-term mitigation target for emissions by 30 per cent relative to business-as-usual activity by 2020 (November, 2009). This early, voluntary mitigation action shows Korea’s contribution to global emissions reduction and a strong commitment to global climate change mitigation as a Green Growth initiative. Although the green movement has already been initiated in many countries around the world, the Republic of Korea holds a unique status as a nation that has only lately made a smooth transition from an emerging economy to a developed one. This fact of history may see it well placed to lead other countries, especially developing countries, by promoting Green Growth strategies for the pursuit of sustainable global development.

Tae Yong Jung is the deputy executive director, and Jae Eun Ahn is an associate at the Global Green Growth Institute