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Achieving the “Low Carbon, Green Growth” Vision in Korea

Author

Listed:
  • Randall S. Jones

    (OECD)

  • Byungseo Yoo

    (OECD)

Abstract

Korea, which has had the highest growth rate of greenhouse gas emissions in the OECD area since 1990, adopted an ambitious Green Growth Strategy in 2009. It aims at reducing emissions by 30% by 2020 relative to a “business as usual” scenario, implying a 4% cut from the 2005 level. The Strategy also includes a Five-Year Plan with public spending of 2% of GDP per year to promote green growth. Korea is planning to establish a carbon price through a cap-and-trade emissions trading scheme. Such an approach, combined with a carbon tax in sectors not covered by the scheme, is necessary to reduce emissions in a cost-effective manner and foster innovation in green technology. In addition, each sector should face the same electricity price based on production costs to promote efficient energy use. Given market failures, the government has a role to play in green R&D, particularly for basic research, in fostering green finance and in developing renewable energy resources. Concrétiser le projet d'une « croissance verte et sobre en carbone » en Corée La Corée, qui affiche le plus fort taux d’accroissement des émissions de gaz à effet de serre de la zone OCDE depuis 1990, a adopté en 2009 une ambitieuse Stratégie de croissance verte. L’objectif est de réduire de 30 % les émissions d’ici à 2020 par rapport au scénario « au fil de l’eau », ce qui équivaut à une baisse de 4 % par rapport à leur niveau de 2005. La Stratégie institue également un Plan quinquennal qui prévoit les dépenses publiques correspondant à 2 % du PIB par an pour promouvoir la croissance verte. La Corée envisage de créer un prix du carbone grâce à la mise en place d’un système de plafonnement et d'échange de permis d'émissions. Une telle approche conjuguée à l’application d’une taxe carbone dans les secteurs non concernés par ce système est nécessaire pour abaisser les émissions de manière efficace et économe et stimuler l’innovation dans les technologies vertes. En outre, chaque secteur devrait se voir appliquer le même prix de l’électricité, fondé sur les coûts de production, afin de promouvoir une utilisation rationnelle de l’énergie. Compte tenu des défaillances du marché, les pouvoirs publics ont un rôle à jouer dans la R-D verte, notamment dans le domaine de la recherche fondamentale, dans la promotion de la finance verte et dans le développement des énergies renouvelables.

Suggested Citation

  • Randall S. Jones & Byungseo Yoo, 2012. "Achieving the “Low Carbon, Green Growth” Vision in Korea," OECD Economics Department Working Papers 964, OECD Publishing.
  • Handle: RePEc:oec:ecoaaa:964-en
    DOI: 10.1787/5k97gkdc52jl-en
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    Citations

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    Cited by:

    1. Fabrizio M. Amoruso & Udo Dietrich & Thorsten Schuetze, 2019. "Indoor Thermal Comfort Improvement through the Integrated BIM-Parametric Workflow-Based Sustainable Renovation of an Exemplary Apartment in Seoul, Korea," Sustainability, MDPI, vol. 11(14), pages 1-31, July.
    2. Fabrizio Maria Amoruso & Udo Dietrich & Thorsten Schuetze, 2018. "Development of a Building Information Modeling-Parametric Workflow Based Renovation Strategy for an Exemplary Apartment Building in Seoul, Korea," Sustainability, MDPI, vol. 10(12), pages 1-30, November.
    3. Erik Hille & Bernhard Lambernd & Aviral K. Tiwari, 2021. "Any Signs of Green Growth? A Spatial Panel Analysis of Regional Air Pollution in South Korea," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 80(4), pages 719-760, December.
    4. Fabrizio M. Amoruso & Udo Dietrich & Thorsten Schuetze, 2019. "Integrated BIM-Parametric Workflow-Based Analysis of Daylight Improvement for Sustainable Renovation of an Exemplary Apartment in Seoul, Korea," Sustainability, MDPI, vol. 11(9), pages 1-29, May.

    More about this item

    Keywords

    carbon tax; certificats verts; changement climatique; climate change; Corée; croissance verte; efficacité énergétique; electricity pricing; emissions trading system; energy efficiency; energy subsidies; environmental taxes; Five-Year Plan; green certificates; green growth; greenhouse gas emissions; Korea; Korean economy; National Strategy for Green Growth; Plan quinquennal; R&D; R-D; renewable energy; stratégie nationale pour la croissance verte; subventions d'énergie; système d'échange de permis d'émission; tarification de l’électricité; taxe carbone; taxes environmentales; économie coréenne; émissions de gaz à effet de serre; énergies renouvelables;
    All these keywords.

    JEL classification:

    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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