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South Korea's Green Mission

  • Posted by Mitchell Flexo on November 14, 2010 in Business
  • South Korea is taking bold steps to become a global green leader. Under the country's national “green growth” plans, released last year, the government has pledged $97 billion worth of funding for environment-related industries, and another $36 billion toward renewable energy.

    The planned influx of cash is aimed to help the country achieve lofty environmental goals by 2020, including a 30% reduction in greenhouse gas emissions, a doubling of renewable energy supplies, and a large expansion of natural reserves.

    Meanwhile, South Korean companies are attempting to increase their share in the global "green tech" market from two to ten percent. Industrial giant Samsung Group has pledged 23 billion won (US$20.4 million) on green energy development, with its electronics division promising to cut carbon emissions at its factories in half. Posco is planning a switch to a hydrogen-based steel production process, and Hyundai will be the first auto manufacturers to release hydrogen fuel cells commercially.

    (via New York Times)

    Photo: A wind turbine on Jeju Island, South Korea. (via World Wind Energy Association)


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