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Achieving the ʺlow carbon, green growthʺ vision in Korea

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  • Achieving the ʺlow carbon, green growthʺ vision in Korea
  • Jones, Randall S.; Yoo, Byungseo
  • OECD Publishing


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Title Achieving the ʺlow carbon, green growthʺ vision in Korea
Similar Titles
Material Type Report
Author(English)

Jones, Randall S.; Yoo, Byungseo

Publisher

Paris, France : OECD Publishing

Date 2012-06
Series Title; No OECD economics department working papers / 964
Pages 34
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Territorial Development < Environment
Holding IDEAS
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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. (The rest omitted)