OECD Economics Department Working Papers
Working papers from the Economics Department of the OECD that cover the full range of the Department’s work including the economic situation, policy analysis and projections; fiscal policy, public expenditure and taxation; and structural issues including ageing, growth and productivity, migration, environment, human capital, housing, trade and investment, labour markets, regulatory reform, competition, health, and other issues.
The views expressed in these papers are those of the author(s) and do not necessarily reflect those of the OECD or of the governments of its member countries.
- Forthcoming titles
- ISSN: 18151973 (online)
- https://doi.org/10.1787/18151973
Korea's Green Growth Strategy
Mitigating Climate Change and Developing New Growth Engines
Korea’s greenhouse gas emissions almost doubled between 1990 and 2005, the highest growth rate in the OECD area. Korea recently set a target of reducing emissions by 30% by 2020 relative to a “business as usual” baseline, implying a 4% cut from the 2005 level. Achieving this objective in a cost-effective manner requires moving from a strategy based on voluntary commitments by firms to market-based instruments. The priority is to establish a comprehensive cap-and-trade scheme, supplemented, if necessary, by carbon taxes in areas not covered by trading. Achieving a significant cut in emissions requires a shift from energy-intensive industries to low-carbon ones. Korea is strongly committed to promoting green growth through its Five-Year Plan, which envisages spending 2% of GDP per year through 2013. One challenge is to ensure that these expenditures are efficiently targeted so as to develop green technologies, while avoiding the risks inherent in industrial policy.
Keywords: energy efficiency, Kyoto protocol, Clean Development Mechanism, climate change, green growth, energy subsidies, environmental taxes, green certificates, National Strategy for Green Growth, emissions trading system, Korean economy, carbon tax, greenhouse gas emissions, R&D, renewable energy
JEL:
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;
Q: Agricultural and Natural Resource Economics; Environmental and Ecological Economics;
Q54: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Environmental Economics / Climate; Natural Disasters and Their Management; Global Warming;
Q28: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Renewable Resources and Conservation / Renewable Resources and Conservation: Government Policy;
Q48: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Energy / Energy: Government Policy;
Q58: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Environmental Economics / Environmental Economics: Government Policy
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