South Korea To Spend $37 Billion On ‘Green’ Projects To Stimulate Employment

January 9, 2009

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South Korea recently unveiled a “Green New Deal Job Creation Plan,” which will put 50 trillion won ($38 billion) toward environmentally-friendly projects in an effort to boost employment, MarketWatch reports.

The plan aims to create a total of 960,000 jobs over the next four years, 140,000 of which will be in the coming year.

The investments will go to projects for energy conservation, those that create new green areas, and others that encourage low carbon transportation.

About 18 trillion won will go toward water-related projects, including water treatment facilities and dam-building along the nation’s four main waterways. About 11 trillion won will be put toward creating a low-carbon transportation network (i.e., rail projects, bicycle pathways) and and the remaining 3 trillion will be directed into forest management programs.

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