South Korean Government Launches Plan for a Green New Deal

The South Korean Government announced a Green New Deal on July 14, 2020, worth approximately KRW 114 trillion (USD 94.5 billion), which is meant to be invested over the course of the next years to help the country’s economy to recover from the COVID-19-related recession. The foreseen government spending is targeted at creating 1.9 million new jobs by 2025 and places a particular emphasis on advancing digital technologies and boosting the green transition of key sectors, including energy, housing, mobility, and industry. Government officials released some details of the Green New Deal, such as the plan to create 230,000 energy-saving buildings, produce 1.13 million electric cars, invest in establishing more renewable energy projects to reduce the reliance on fossil fuels, and provide unemployment insurance to sustain the livelihoods of workers during the economic crisis.