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Overview of the Republic of Korea’s National Strategy for Green Growth

Executive Summary

Transforming the global economy away from dependence on fossil fuels and unsustainable use of the Earth’s limited resources and achieving a transition towards a Green Economy1 is not an option; it is a fundamental requirement for the survival of our economic and social systems in the 21st century.

The Republic of Korea’s National Strategy and Five-Year Plan for Green Growth represent a major attempt to fundamentally transform the country’s growth paradigm from “quantitative growth” to low-carbon, “qualitative growth”. The green growth strategy contains encouraging policy goals and targets to tackle climate and enhance energy security, create new engines of growth through investment in environmental sectors, and develop ecological infrastructure. The commitment to spend 2 per cent of gross domestic product (GDP) over the next five years, for investment in areas such as green technologies, resource and material efficiency, renewable energies, sustainable transport, green buildings, and ecosystem restoration, is a remarkable effort to reorient and re investment in the environment.

The Republic of Korea responded to the economic crisis with a stimulus package that included a significant portion of green spending. In fact, it has been particularly efficient in the actual disbursement of its fiscal stimulus, with almost 20 per cent of funds disbursed at the end of the first half of 2009, compared to 3 per cent for most countries.

Beyond its policies at the national level, the Republic of Korea is demonstrating engagement and leadership at the international level by boosting global efforts towards achieving a green
economy. The Republic of Korea was instrumental in the adoption of a Declaration on Green
Growth by the Ministerial Council Meeting of member countries of the Organisation for Economic Cooperation and Development (OECD) on 25 June 2009. It is also playing a key role in promoting an East Asia Climate Partnership.

The bullet points below summarise the key action areas contained in the Korean Green Growth Strategy, the outcome of the review done by UNEP, and the main recommendations.

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