S.Korea to spend $95 bln on green projects to boost economy

(Reuters, 14 Jul 2020) The plan set ambitious goals of net-zero emissions by 2050, an end to funding of overseas coal plants, and introduction of a carbon tax.

South Korea outlined a plan on Tuesday to spend 114.1 trillion won ($94.6 billion) on a "New Deal" to create jobs and help the economy recover from the coronavirus fallout, anchored in part by "green" investment in electric vehicles and hydrogen cars.

The six-year plan will build digital infrastructure and a stronger safety net for job seekers, but its "Green New Deal" aspects have drawn attention as they aim to cut heavy reliance on fossil fuels in Asia's fourth-largest economy.

"The coronavirus pandemic once again reaffirmed the urgency of responses to climate change," President Moon Jae-in said in a speech, adding that the new projects were expected to create about 1.9 million jobs through 2025.

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Reuters, 14 Jul 2020: S.Korea to spend $95 bln on green projects to boost economy

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