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South Korea's Go-Green Initiatives Might Improve Employment & Growth
As Asia's third-largest crude oil importer, South Korea announced its plans to invest 107 trillion won ($84 billion) in the next five years to help reduce dependency on fossil fuels and simultaneously spur economic growth.
Figures show that up to 1.8 million jobs may be created with the development of solar power. It is estimated that by 2010, the country will spend about 2 percent of its GDP annually to "reduce carbon emissions and diversify its exports," said Youk Hyun Soo, an official on the presidential committee for renewable energy. "South Korea is joining the U.S. and China in increasing public spending on the industry to achieve economic growth and energy-saving at the same time," said Hwang Chang Joong, the head of investment strategy at Woori Investment Securities Co. The government spending will include investments in luminescent diodes, used to make energy-saving flat-screen panels and lighting bulbs and solar-powered batteries, according to today's statement.read source article