S. Korea transitioning to `green economy` model: UN report

By Kim Eun-jung
SEOUL, Aug. 20 (Yonhap) -- South Korea is shifting to a 'green economy' model as
state-led initiatives and stimulus packages encourage investment in environmental
sectors and efforts to fight climate change, a UN report said Thursday.
The report by the United Nations Environmental Program (UNEP) encouraged South
Korea to set an even more aggressive target for greenhouse gas reduction, warning
that Asia's fourth-largest economy is more vulnerable to the effects of climate
change because of its heavy dependence on fossil fuel imports.
"The Republic of Korea has committed itself to moving away from the traditional
'brown economy' growth-at-any-cost model to a 'green economy' model where
long-term prosperity and sustainability are the key objectives," Pavan Sukhdeve,
chief of the UNEP Green Economy Initiative project, said.
Republic of Korea is South Korea's official name.
"This commitment by the Republic of Korea has the potential of creating a domino
effect on the other major Asian economies," Sukhdeve said, noting that two-thirds
of global green stimulus has been committed in Asia.
The UNEP report was primarily an assessment of South Korea's multi-billion-dollar
"Green New Deal," that commits 2 percent of the nation's gross domestic product
to green growth over the next five years.
South Korea is also planning greenhouse gas reductions by 2020, a policy the
report said is critical to connecting green growth with the prevention of climate
change.
South Korea is reviewing three scenarios that seek to reduce emissions by 21
percent, 27 percent or 30 percent of what they are estimated to reach in 2020 if
the current pace continues. A final decision is due within the year.
The final UNEP report will be submitted to governments, institutes and
international agencies by next month, Sukhdeve said.
ejkim@yna.co.kr
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