South Korea have recently announced a £23bn stimulus plan designed to both stimulate the fledgling economy and to catapult the country into a monumental green movement. The government will try and create nearly 950,000 green jobs whilst helping improve the country’s energy efficiency, in a deal many commentators believe to be the greenest on the planet.
HSBC bank have put the figure earmarked for green projects at 81% of the stimulus package, with the UK estimated to have only contributed 7%. As a nation traditionally known for being one of the least environmentally conscious on our earth, this announcement heralds a big step in the right direction. Below are some of the key projects South Korea will be embarking on over the next 20 years:
LIGHTS; Incredibly committing to change every bulb in every building to LEDs by the end of 2009.
WATER; The restoration of rivers and water resource management, likely to cost $11.1bn.
WASTE DISPOSAL; Rubbish incineration plants that burn methane to generate electricity.
TRANSPORT; The expansion of electrified tracks, new high-speed rails links and more then 2,500 miles of bicycle paths will be constructed in order to improve the country’s transport infrastructure at a cost of $7bn.
ELECTRIC VEHICLES; Hyundai and Kia will be supported in their continual development of fuel-efficient vehicles with $1.8m
TREES; Mass tree planting to improve carbon sink capacity, plus new facilities to use wood as biomass energy.
HOUSING; 1 Million green homes will be constructed, with energy efficient upgrades for a million more at a cost of $6bn.
It remains to be seen whether this level of green implementation will truly be executed, but in a world rapidly coming to terms with threat global warming and ecological preservation, South Korea’s £23bn Green Leap Forward plans are welcomed.