South Korea set its sights on 30bn low-carbon economy

15 Oct 2010

Moving towards a low-carbon economy and developing renewable energy sources are key goals of South Korea.

The South Korean government has recently announced plans to spend $36bn (€22.6m) to develop renewable energy sources and move towards a low-carbon economy over the next five years – forecasting that the country’s clean energy exports will reach more than $30bn (around €21bn) by the year 2015.

The large-scale investments are part of a green growth strategy, which the government hopes will turn environmental technologies into economic growth and job creation. Should these plans be implemented, an estimated 110,000 jobs will be created.

Japan and China are already working hard at rolling out their own policies to reduce carbon emissions, and the South Korean push signifies this trend in these Asian countries.