Abstract
This paper explores the recently announced “Green New Deal” policy of South Korea as a sustainability transition strategy. Originally proposed as a post-COVID-19 stimulus plan, the Green New Deal is a sustainability-centered strategy for building a low-carbon and climate-neutral economy. The Green New Deal sets out eight targets to be accomplished under three strategic areas: green urban development, low-carbon decentralized energy, and innovative green industry. The Deal also takes measures to protect the people and sectors at a higher risk of being left behind in the process of the economic transition. It is an upgraded version of the “Green Growth” national policy, with more emphasis on sustainability in addition to the growth aspect. This paper will examine the accomplishments and challenges during the Green Growth policy era and argue why the transition to the new Green New Deal is necessary for a sustainability transition.
Highlights
The COVID-19 pandemic has caused an unprecedented crisis around the globe
The report provided the first definition of sustainable development as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs” [12]
The green economy, green growth, and green new deal concepts have succeeded in reinvigorating the global debate on how to redefine our economic model to achieve the overarching agreed-upon goal of sustainable development
Summary
The COVID-19 pandemic has caused an unprecedented crisis around the globe. Controlling the spread of the disease and recovering from the economic downturn is a top priority for governments. Chinese President Xi Jinping, at the 75th session of the United Nations General Assembly, stated that China aims to reach its CO2 emission peak before 2030 and to achieve carbon neutrality before 2060 He called for a “green recovery of the world economy in the post-COVID era” and efforts to achieve sustainable development in all countries [2]. The RPS scheme requires major electric utilities to increase their renewable and “new energy” share in the electricity mix to 10% by 2023 [9] Against this backdrop, South Korea’s Green New Deal aims to achieve net-zero emissions and to accelerate the transition towards a low-carbon and green economy. South Korea’s Green New Deal aims to achieve net-zero emissions and to accelerate the transition towards a low-carbon and green economy It is the first commitment of its kind in East Asia. We will compare three Green (New) Deal policies, along with a comparison between Korea’s 2009 Green Growth and 2020 Green New Deal policies, and we will show why the transition to the Green New Deal policy will be necessary for the post-COVID era
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
