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Green growth: New paradigm for economic development

Green growth: New paradigm for economic development. Republic of Korea. 1. Contents. I. Why: Background for green growth. II. What: Features of green growth. III. How: Measures to achieve green growth. IV. Korea's efforts for global green growth.

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Green growth: New paradigm for economic development

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  1. Green growth: New paradigm for economic development Republic of Korea 1

  2. Contents I. Why: Background for green growth II. What: Features of green growth III. How: Measures to achieve green growth IV. Korea's efforts for global green growth

  3. New path Green growth I. Why: Background for green growth 1. Address climate change 2. Raise energy independence 3. Need for a new growth model The Stone Age didn’t end because we ran out of stone

  4. Green technology development II. What: Features of green growth Lowcarbon green growth as a new development vision Aimed at making a transition to low-carbon economic and industrial structure as well as eco-friendly lifestyle by developing green technology as a new growth engine. Reduce GHG emissions Decrease fossil fuel reliance Environmental protection Green growth Green existing industries Create new green industries Economic growth

  5. III. How: Measures to achieve green growth (2) Demand-Side Policy – Carbon Pricing ETS Eco Tax reform Electricity price • Environmental tax on gasoline and diesel (‘07) * invest tax revenue in energy, environment, transportation facility • Various carbon tax under study - reflect social costs including GHG emission • Rationalize electricity price - link electricity price with the fuel price change - introduce critical peak pricing and green pricing • Introducing ETS (Emission Trading Scheme) - (’11) legal framework (ETS bill under consideration by National Assembly) - (’12~’14) pilot projects - (’15) implementation

  6. III. How: Measures to achieve green growth (2) Demand-Side Policy - Regulation GHG/energy target management system Introduction of RPS & RFS Building code Fuel efficiency enhancement • RPS(Renewable Portfolio System) : (‘12) 2% -> (‘20) 10% • RFS(Renewable Fuel Standard) : (‘12) 2% -> (‘20) 7% * Renewable energy export(billion USD) : (‘07) 0.6 -> (‘10) 4.5 -> (‘12)10.7 • (‘10) Impose mandatory targets on major emitting entities (70% oftotal GHG) • (‘11) 458 designated entities subject to regulation • (‘10) Strong energy efficiency standard • for new public buildings(300kwh/m²·year) • (‘11) 10% renewable energy use for • public buildings(above 100m²) • Fuel efficiency over 17km/L or • GHG emissions less than 140g/km by 2012

  7. III. How: Measures to achieve green growth (2) Demand-Side Policy - Market Creation Green infrastructure Green procurement Test-beds Green consumption • World’s largest tidal power plant & Four Major Rivers Restoration Project completed in 2011 • Nation-wide smart grid network by 2030 • 30% LED for public buildings by 2012 • Expand government’s green procurement : 3 (‘09) -> 6 (‘13) (trillion KRW) • Smart grid test bed (‘09~’13) • Green home complex (’12~) • Offshore wind power plant (‘13) • Carbon cash-back system • Products with carbon label (unit) : (‘09) 50 → (’13) 500 • Carbon point system & green card

  8. III. How: Measures to achieve green growth (3) Supply-Side Policy – R&D and HR Increase government’s green R&D investment Expand tax benefits for private Green R&D investment • Green Tech R&D : (‘08) 1.4  (‘12) 2.8 (trillion KRW) * Government’s total R&D : (’08) 11.1 (‘12) 16.6 • Focus on 27 core green technologies • Strengthen industry, academia, research partnerships • Expand tax credit rate for green tech R&D (30% for SMEs, others 20%) * (‘10) Development of high-speed electric vehicle for mass production Support adoption of Korean standards as global standard

  9. III. How: Measures to achieve green growth (3) Supply-Side Policy - Financing • Government’s total R&D - (‘09) 2.0  (’13) 2.8 (trillion KRW) • R&D matching fund (300 billion KRW) Tax benefits for Green deposit & Green fund + Green certificate Customized support by development phase • Exempt interest income tax and dividend income tax for green deposit and fund • Issue green certificates for green technologies, projects and green companies • SME fund of funds - (‘09) 60 (’11) 110 (billion KRW) • Credit guarantee to green SMEs - (’09) 2.8(’13) 7.0 (trillion KRW) • Public loans to green SMEs - (’09) 130(’13) 660 (billion KRW) • Lower KOSDAQ listing requirements • Exempt income tax for long- term green fund and deposit • Investment Tax Credit Program for energy facility Commer cialization R&D Growth

  10. IV. Korea's efforts for global green growth Green Partnership Global Green Growth Institute (GGGI) Fast mover of green growth • Global think tank for mainstreaming green growth low carbon economy - formulate green growth strategy in developing countries • Donors(’11) * Australia, Denmark, Japan, UAE • Global Green Growth Summit (’11) • UNEP 「Overview of Korea’s National Strategy for Green Growth」(’10) • OECD 「 Towards Green Growth Strategy 」(’11) • Korea-Denmark Green Growth Alliance (’11) • ESCAP 「 Green growth roadmap for East Asian region 」(’12) 8 Smart grid UN Climate Change Negotiations • Selected as a G8 smart grid leader country • Host ISGAN(International Smart Grid Association Network) Secretariat (’10) • Announce voluntary GHG reduction target • Propose NAMA registry (’09)

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