S. Korea wins praise for systematic 'green growth' drive in Copenhagen

COPENHAGEN, Dec. 17 (Yonhap) -- South Korea won praise at the climate change
conference in Copenhagen on Thursday for its ambitious "green growth" strategy
that aims to bolster the economy while protecting the environment.
Officials from international organizations, and business community said Seoul's
green growth strategy is fresh because it could open a new chapter for
eco-friendly growth while at the same time attracting private sector investment
critical for the economy.
The Lee Myung-bak administration said that it will invest heavily in eco-friendly
businesses and research and pledged that it will set aside 2 percent of its gross
domestic product into such sectors in the coming years. Such actions have spurred
similar investment plans by the country's semiconductor, automobile and steel
makers.
Achim Steiner, executive director at the United Nations Environment Programme,
claimed that South Korea has used its fiscal stimulus package to allocate large
sums of money into industries that aim to produce less polluting goods. In late
April lawmakers approved a 28.4 trillion won (US$24.1 billion) extra budget to
help sustain the economy in the face of the worldwide financial slowdown.
"Korea stands out as moving to allocate the highest proportion of money into
'green growth' and this ability to move money into the 'real economy' helped the
economy," he said, at the official sideline event hosted by Seoul to outline its
future green growth policy.
He speculated that such steps may have helped the economy shake off the lethargy
of the past year compared to other countries.
South Korea is expected to pull off 0.2 percent on-year this year with growth
reaching 5 percent in 2010.
This view was echoed by Nick Robbins, head of HSBC's Climate Change Center of
Excellence who said that South Korea's plan is of great interest because it could
address ongoing climate change issues.
He pointed out that Korean plan is noteworthy because it outlines a credible
policy framework that can draw private sector investors.
The expert said that the Korean example could be an inspiration for others aiming
to drive down carbon dioxide in cooperation with the private sector. Such
leveraging of private capital is essential for sustainable green growth.
Others like Jake Schmidt, international climate policy director of the Natural
Resources Defense Council said South Korea's green growth drive is action
oriented vis-a-vis other proposals made by various countries. He said by passing
laws that support eco-friendly growth and investment the government is sending
right signals.
"The creation of the presidential committee on green growth for example sends a
very clear signal," he said, adding that such a move can help businesses know how
the economy will develop in the future.
He said that by actively engaging in green growth, jobs can be created along with
more business opportunities.
Schmidt, in addition, said that while preserving the environment may seem to be
opposite of economic growth, the strategy outlined by Seoul can show a way for
both to grow together.
yonngong@yna.co.kr
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