Posts tagged ‘green growth’
Samsung C&T has announced plans to invest USD150-200 million in an Indonesian solar power plant with a panned capacity of 50MW. Following a meeting with Samsung C&T CEO, Shin Kim, the Indonesian Coordinating Minister for Economic Affairs, Hatta Rajasa, stated that the president of Samsung C&T had expressed a commitment to the development of solar energy in Indonesia. Read more
On 24 March 2011 the Nature Publishing Index for the Asia-Pacific region was released. Nature and its family of Nature-branded sister journals is world-renowned as the pre-eminent platform for publication of the very best international research. Read more
Samsung C&T has announced plans to invest USD150-200 million in an Indonesian solar power plant with a panned capacity of 50MW. Following a meeting with Samsung C&T CEO, Shin Kim, the Indonesian Coordinating Minister for Economic Affairs, Hatta Rajasa, stated that the president of Samsung C&T had expressed a commitment to the development of solar energy in Indonesia. Read more
On 10 February 2011, Minister for the Knowledge Economy, Choi Joong-Kyung, stated that the proposed carbon trading scheme to be implemented by 2013 may not proceed as planned in order to avoid ‘adverse repercussions’.
This reiterates the 7 February 2011 statement by Presidential Secretary for Green Growth, Kim Sang-Hyup, that the scheme could be delayed following substantial industry lobbying. Key industry lobby groups, including the Federation of Korean Industries (FKI), have called for the implementation of the scheme to be postponed until after 2015, claiming it will lead to substantially higher costs and loss of international competitiveness.
The government affiliated research institute, the Korea Institute for Industrial Economics and Trade (KIET), has issued a report detailing potential implications. These include a rise of 1.27 percent in domestic production costs; a 0.18 percent contraction in exports; and 0.58 percent contraction in gross domestic product (GDP); which could result in 0.40 percent reduction in employment. The steel, cement and petrochemicals sectors would be hardest hit, with a contraction against business-as-usual of 7.0-9.0, 2.0-3.0, and 0.8-0.9 percent, respectively.
The United States and Japan have postponed indefinitely plans to introduce carbon trading schemes, amidst concerns regarding economic recovery and growth. However, a carbon trading scheme was considered a central platform in the Lee administration’s plans to establish Korea as leader in the ‘green growth’ era.
China, a key competitor in ‘green growth’, is set to announce a range of green initiatives in its 12th Five Year Plan (2011-2015) to be announced in March 2011. This is rumored to include a carbon trading scheme to be implemented by 2014, with pilot schemes in economic zones and/or industrial sectors to commence as early as 2012.
International media has been reporting favourably on Korea’s ‘green growth’ initiatives, highlighting the positive reviews that multilateral institutes, such as the Organization for Economic Cooperation and Development (OECD), United Nations Environment Program (UNEP) and World Bank, have accorded the program.
This has established a degree of momentum behind Korea’s efforts to establish the Global Green Growth Institute (GGGI) as a multilateral body. The GGGI was established under the Lee administration, ostensibly with the aim to support developing countries in their efforts to develop and implement green growth strategies and policies. This includes direct technical support, capacity-building, and sharing of best practice implementation and institutionalization of green growth initiatives.
Korea aims to establish the GGGI as a multilateral institute after an incubation period of around three years. The GGGI initiative has significant diplomatic potential. It positions Korea at the heart of economic policy debate in subjects that are crucial to its economic wellbeing, including energy, resource and food security, as well as green technologies and applications. Importantly, it also positions Korea as a ‘good international citizen’, reaping diplomatic credit as a facilitator between developing and developed states.
On 25 January 2011, Korea Electric Power Corporation (KEPCO) announced the successful testing and opening of electric vehicle charging stations across the major transport route between Seoul and Daejeon.
The successful testing and opening of the charging stations mark a significant point in the progression towards public acceptance of electric vehicles. Korea is a global leader in electric vehicle development. Hyundai and Renault Samsung plan to release a commercially viable production models by 2012.
However, like many countries, Korea faces ongoing challenges with infrastructure to support further development, which has reduced public preparedness to accept electric vehicles as a viable alternative. The successful testing and opening of electric vehicle charging stations across the major transport route between Seoul and Daejeon thus represents a significant step. Early public uptake of electric vehicles will ensure that Korea maintain its leadership in the sector.
The Lee Myung-Bak administration is facing a major challenge in its efforts to convince business and industry groups that an emissions trading scheme will not exert further regulatory burdens on operations.
The emissions trading scheme is required to fulfill South Korea’s pledge to reduce greenhouse gas emissions by 30 percent from projected levels by 2020, and forms an important component of the whole-of-government strategy to establish South Korea as a leader in ‘green growth’.
The administration has invested heavily in this strategy, including the development of a green growth export sector; investment in wind, solar, nuclear and other clean energy production; and the promotion of Korea as prominent voice in international debate on green industry and green development.
The planned passage of the legislation in February 2011 and the commencement of an exchange-based emissions trading scheme in 2013, would place Korea at the forefront of international efforts.
Failure to pass the legislation within the current timeframe would substantially weaken Korea’s position as a leader in the green growth development and ultimately reduce the ability of Korea to steer international debate in a direction favorable to Korean industry.
