ID :
20224
Fri, 09/19/2008 - 20:35
Auther :
Shortlink :
http://m.oananews.org//node/20224
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S. Korea allots 5 trillion won for green energy development By Shin Hae-in
SEOUL, Sept. 19 (Yonhap) -- South Korea will pump 5 trillion won (US$4.3 billion) into developing key green energy sectors over the next five years, joining global efforts to curb greenhouse gas emissions and put the brakes on global warming, officials here said Friday.
President Lee Myung-bak, a right-leaning former CEO, unveiled last month the so-called "low carbon, green growth" plan, pledging to make the utmost use of green technology and environmentally friendly energy to develop sustainable growth engines.
Under the follow up plan settled Friday, 5 trillion will be spent from now until the end of 2012 for research and development of promising green energy sectors including solar energy, wind power and light emitting diodes, officials said.
"We estimate it will cost the country up to 31 trillion won in total over the next five years to achieve the major goals of the green growth project," Cho Joong-pyo, deputy minister for administrative affairs at the prime minister's office, told reporters after the government meeting Friday.
"We also plan to present a specific greenhouse gas reduction goal by next year."
South Korea may be required to join a worldwide greenhouse gas reduction plan in 2012, when the provisions of Kyoto Protocol expire.
The country is currently the world's sixth largest greenhouse gas producer, but is exempt from the reduction schedule as it is categorized as a developing economy under the protocol. Among the Kyoto treaty's signatories, 38 are classified as advanced nations.
The government plan also includes the introduction of a carbon tax and and emissions trading system, commonly called "cap and trade." The cap and trade system is used to control pollution economically by providing emission-reducing companies with incentives.
Some business groups here, however, remain skeptical about the feasibility of the project, as it ambitiously tries to balance both economic growth and eco-friendliness.
They claim the government must first reform the underlying fundamentals of Korea's industrial structure, which make it difficult to reduce carbon emissions.
South Korea recorded 600 million tons of emissions in 2005, with 40 percent coming from the industrial sector, 30 percent from power generation and 20 percent from transportation, according to government data.
President Lee Myung-bak, a right-leaning former CEO, unveiled last month the so-called "low carbon, green growth" plan, pledging to make the utmost use of green technology and environmentally friendly energy to develop sustainable growth engines.
Under the follow up plan settled Friday, 5 trillion will be spent from now until the end of 2012 for research and development of promising green energy sectors including solar energy, wind power and light emitting diodes, officials said.
"We estimate it will cost the country up to 31 trillion won in total over the next five years to achieve the major goals of the green growth project," Cho Joong-pyo, deputy minister for administrative affairs at the prime minister's office, told reporters after the government meeting Friday.
"We also plan to present a specific greenhouse gas reduction goal by next year."
South Korea may be required to join a worldwide greenhouse gas reduction plan in 2012, when the provisions of Kyoto Protocol expire.
The country is currently the world's sixth largest greenhouse gas producer, but is exempt from the reduction schedule as it is categorized as a developing economy under the protocol. Among the Kyoto treaty's signatories, 38 are classified as advanced nations.
The government plan also includes the introduction of a carbon tax and and emissions trading system, commonly called "cap and trade." The cap and trade system is used to control pollution economically by providing emission-reducing companies with incentives.
Some business groups here, however, remain skeptical about the feasibility of the project, as it ambitiously tries to balance both economic growth and eco-friendliness.
They claim the government must first reform the underlying fundamentals of Korea's industrial structure, which make it difficult to reduce carbon emissions.
South Korea recorded 600 million tons of emissions in 2005, with 40 percent coming from the industrial sector, 30 percent from power generation and 20 percent from transportation, according to government data.
