The Presidential Green Growth Committee announced on Monday (June 6) Korea''s three action plans and 10 policies could help it become one of the top seven green powers in the world by 2020, and among the top five by 2050.

The three action plans are (1) measures for climate change and securing energy independence, (2) creation of a new growth engine and (3) improving quality of life and strengthening the status of the country. The announcement was made at the fourth reporting session for green growth, presided over by President Lee Myung-bak and attended by Prime Minister Han Seung-soo, ministers from various departments, lawmakers and other officials from local provinces.

To promote green growth, the government will inject a total of 107 trillion won until 2013, which is 2 percent of GDP and also twice the amount recommended by the UN for green investment. The goal is to upgrade production worth 182 to 206 trillion won and create jobs for 1.56 to 1.81 million people.

The government has decided to extend investment to private sectors related to green technology and activate green financing through issuing long term, low interest green bonds and savings.

The five-year plan requires cars to increase their fuel efficiency. From 2012 to 2015 cars should be re-designed to either drive 17 kilometers per liter or emit no more than 140 grams of greenhouse gas per kilometer.

The government plans to form 14 Environment Energy Towns, broadly divided into four theme towns centered on efficient usage of waste resources, green power, biomass, and environment culture complexes by 2020. According to the plan, 600 low-carbon, environment-friendly towns will be established, together with various energy efficiency facilities.

A total of 48 environment facilities will be installed to create energy out of some 3.86 million tons of waste by 2013. Another 17 facilities will be set up to absorb the residual heat from incinerating sites.

More personnel will be nurtured in the related fields to be injected to the project. A graduate school specializing in environment energy will be established, to be opened in 2013. The government also plans to come up with a comprehensive plan to process waste resources from industry by 2011.

The government will decide on an exact amount of emissions for greenhouse gas within this year and proceed with a gradual reduction of gas emissions starting from next year. The energy management system will also go through an early demonstration this year and go into full action starting from next year.

By 2012 the government plans to completely localize nuclear technology, export nuclear plants and extend the Korean share of the overseas green market by 8 percent, through the development of LEDs, solar cells, hybrid cars and other green technology products. 

Carbon emissions trading will be introduced tentatively in 2011, and then fully implemented in 2012. Furthermore, through activation of railway and other means of green transportation, the government has decided to increase the role of public transportation up by 55 percent.  

To allow all citizens to enjoy the benefits of green growth the government has decided to make efforts to reduce the number of households whose energy expenditure is worth 10 percent of their total revenue, from the present 1.23 million households to 890,000 households by 2013, and then reduce that number to zero by 2030.

If everything goes as planned, all this is expected to create 143,000 jobs by 2013 and 15.2 trillion won worth of economic benefits by 2020.