South Korea yesterday announced plans to invest a staggering Won107,000bn ($85bn) on ‘green growth’ industries over the next five years. The government predicts the unprecedented cash-injection, around 2 per cent of the country’s entire gross domestic product, will create up to 1.8 MILLION new jobs in renewable energy and environmentally-friendly projects.
In a presidential statement, the country’s leader, Lee Myung-bak, said that the so-called Green New Deal will significantly boost growth and jobs in an effort to ride out the economic slump.
“The aim is for South Korea to become the world’s seventh most competitive country by 2020 in terms of energy efficiency and ability to adapt to climate change,” he said.