South Korea unveils massive plan for green growth

Yahoo News 6 Jul 09;

SEOUL (AFP) – South Korea Monday unveiled an 84 billion dollar five-year plan to develop environmentally friendly industries and use them as a growth engine for the wider economy.

The plan, approved at a meeting chaired by President Lee Myung-Bak, aims to transform South Korea into one of the world's seven strongest nations in terms of energy efficiency and green technology investment by 2020.

The government will invest 107 trillion (84.4 billion dollars), or 2.0 percent of gross domestic product every year, over the next five years in an effort to reduce reliance on fossil fuels, Lee's office said.

The scheme will help create up to 1.81 million new jobs and generate about 206 trillion won in economic output, it said.

The government will also boost spending on green technology products such as solar-powered batteries and hybrid vehicles, it said.

Lee called for the public to rally behind the plan.

"Because it will have a great impact on the daily lives of the citizens, I believe every citizen must also participate in the move" towards a greener society, he said.

Asia's fourth largest economy earlier announced a set of measures to reduce greenhouse-gas emissions.

They include creating energy-saving versions of products such as personal computers and displays as well as developing energy-efficient IT service networks including high-speed Internet.