The green growth movement in the Republic of Korea : option or necessity?

The most important driver of this vision was public recognition that high levels of carbon dependent economic growth were not sustainable. This vision aimed to shift the existing development paradigm of quantity-oriented, fossil fuel-dependent growth to one of quality oriented growth, with more emphasis placed on energy independence and sustainability through such means as increasing the use of new and renewable energy resources. From this standpoint, the green growth movement in the Republic of Korea appeared to be less an option than an essential path to achieving its vision of sustainable economic growth and the well-being of its people. The government established a legal framework on low carbon and green growth, set up a governance structure to implement green growth initiatives systematically, and established fiscal policies and budget resources to support the initiatives firmly. The purpose of this note is primarily to explain why Korea adopted a green growth strategy as a new national development paradigm and how it was implemented by the government. Section two illustrates why green growth was a necessity in Korea; section three describes how green growth was implemented by the Korean government, particularly with respect to institutional arrangements and fiscal adjustments for green growth; section four presents the key outcomes thus far; and lastly, section five identifies lessons that could be applied in other countries.