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Achieving the "low carbon, green growth" vision in Korea - OECD Economic Surveys: Korea 2012

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  • Achieving the "low carbon, green growth" vision in Korea - OECD Economic Surveys: Korea 2012
  • OECD
  • Organization for Economic Cooperation and Development (OECD)


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Title Achieving the "low carbon, green growth" vision in Korea - OECD Economic Surveys: Korea 2012
Similar Titles
Material Type Others
Author(English)

OECD

Publisher

Organization for Economic Cooperation and Development (OECD)

Date 2012
Language English
File Type Link
Subject Economy < General

Abstract

Korea, which has had the highest growth rate of greenhouse gas emissions in the OECD area since 1990, adopted an ambitious Green Growth Strategy in 2009. It aims at reducing emissions by 30% by 2020 relative to a "business as usual" scenario, implying a 4% cut from the 2005 level. The Strategy also includes a Five- Year Plan with public spending of 2% of GDP per year to promote green growth. Korea is planning to establish a carbon price through a cap-and-trade emissions trading scheme. Such an approach, combined with a carbon tax in sectors not covered by the scheme, is necessary to reduce emissions in a cost-effective manner and foster innovation in green technology. In addition, each sector should face the same electricity price based on production costs to promote efficient energy use. Given market failures, the government has a role to play in green R&D, particularly for basic research, in fostering green finance and in developing renewable energy resources.