Updates the earlier ‘Korean New Deal’ . . .
Since the announcement of the ‘Korean New Deal’ in early May, President Moon’s cabinet has been swift to accelerate the implementation of this economic recovery policy. While much of the policy was initially focused on the transition to a digital economy, the policy has now been re-framed to include environmental sustainability. According to updates released following the sixth emergency economy meeting held on Monday, the government has committed C$85 billion over the next five years to implement the ‘Korean New Deal,’ which it hopes will help create 550,000 new jobs.
Inclusion of ‘green’ initiatives . . .
Including ‘green’ initiatives as part of the country’s post COVID-19 economic recovery plan was much debated within government. Spurred by increasing demand from the international community, as well as the country’s youth and broader public, the government has now included programs to tackle climate change and reduce greenhouse gas emissions in its recovery plan. The revised ‘Korean New Deal’ aims to promote the development of environmentally friendly infrastructure, increased usage of renewable sources of energy such as solar and wind, and green businesses.
A Canadian call for a ‘green’ economic recovery plan . . .
Like South Korea, Canada has set ambitious targets to reduce greenhouse gas emissions. Domestic calls to leverage the pandemic to cut emissions and introduce green stimulus packages to transition to a low carbon economy have been on the rise. Various environmental organizations have drawn out recommendations for the Canadian government to consider as it develops its own post-COVID recovery plan. So far, Canada’s COVID-19 economic response has been focused on supporting businesses, although one of the supports available for businesses seeking emergency payroll funding has been tied to demonstrating business compliance with climate change guidelines. A far cry from South Korea’s ambitious green recovery plan, but a move in the right direction.
READ MORE
- The Diplomat: South Korea’s Green New Deal
- The Guardian: Could a green new deal turn South Korea from climate villain to model?
- The Korea Herald: S. Korea to include green projects in 'New Deal' plan
