Korea Gets Serious about Green Growth

Back in 2008, Korean President Lee Myung-bak announced a five-year green growth initiative. It was met with some initial skepticism, but the government made this a serious policy initiative and there's been some real success in the area.

The talented writers over at Korea IT Times have written up a full report of Korea's green growth and we've pulled out a few excerpts for your reading pleasure.

Objectives: It would appear that the government is aiming rather high, positioning itself against some stiff international competition and set some interesting goals.

The objectives of the five-year plan will be achieved by 2013: to become one of the four major producers of green cars, to increase the export of green products by 15%, to secure an 8% market share of green technology products in the world market, and to achieve a 3.8% penetration rate of bicycles in traffic. Based on these goals, the government is aiming to become one of the seven leading nations of the green policy by 2020.

Two local observations on this from Korea: Both Hyundai and Kia have started marketing their hybrid cars for the local market in a major way. There are also significantly more bike lanes in major cities and across the country than before.

Achievements: Green growth and renewable energy related jobs are measurably improved.

... the amount of exports related to new and renewable energies recorded USD 4.5 billion in 2010, showing significant progress in industrial indicators such as market size and employment in the new and renewable energy industries.

There's already been significant growth in renewable energy production and use.

The penetration rate of new and renewable energies has steadily increased, with an annual rate of 6.65. The penetration rate of solar photovoltaic energy has exceeded its target, entering the world's top ten with the accumulated penetration of 6,800,400 TOE.

What's Next: Wind power appears to be next on the checklist.

Korea is planning a 10.2 trillion won wind farm off the southwest coast of the nation by 2019. By 2014, it will begin with an initial 400 billion won (USD 355m) 100MW demonstration project. The government also has established a comprehensive national plan to promote wind, bio, renewable, and new energies.

This seems to be a bigger part of an existing trend. A drive through rural Korea will show you exactly how many smaller-scale wind energy installations already exist... LOTS.

Keep an eye on this blog for more green growth and renewable energy information. And, as always, let us know if you have any questions.