KGGTF published a new Knowledge Note, Green Transition in South Korea, which is authored by Dr. Hyungna Oh and features Korea's green growth model in 2010s and the Korean Green New Deal in 2020s. The Knowledge Note explores the backgrounds, policy goals and results of Korea's green growth strategies and suggests key success determinants of the Korean New Deal, such as i) local government's capacity for implementation and financial resources, ii) private sector mobilization, and iii) a strong carbon price for a low-carbon green transition.
The Korean New Deal (Digital New Deal and Green New Deal) was announced in 2020 to tackle climate change by reducing GHG emissions to net-zero levels by 2050, respond to the COVID-19 crisis, and promote green economic recovery.
The Korean Green New Deal 2.0, released in 2021, focuses on four policy domains: 1) Urban Space and Infrastructure (Green Smart City and eco-friendly buildings); 2) Energy Sector (Transition to a smart grid and low-carbonization with renewable energy); 3) Industrial Sector (Green industrial clusters and green investment from corporations); and 4) Human New Deal (Social-environmental justice and inequality reduction).
Author: Hyungna Oh
Dr. Hyungna Oh is the Chair of Advisory Committee on Korea’s Green New Deal appointed by Ministry of Economy and Finance (MOEF) of Korea. She is also Professor of Economics in the College of International Studies at Kyung Hee University, specialized in the areas of climate change, climate policy, and environmental economics.