Government to Push 'Green New Deal'

'Massive and aggressive investments in the green sector will serve as the path to tide over the current economic difficulties,'MKE Minister says

Minister of Knowledge Economy Lee Youn-ho stressed that massive and aggressive investments in the "green sector" will serve as a means to overcome economic difficulties and act as a pace setter to take the initiative in changes after the crisis is over.
At the New Year's meeting of those in the energy industry, MKE Minister Lee declared, "Green growth and the Green New Deal are the basic direction of policies the government will engineer during 2009 and massive and aggressive investments into the green sector will serve as the path to tide over the current economic difficulties as fast as possible and take the lead in changes after the crisis is over."
In this regard, Lee said, the government will implement projects to develop and spread "green cars" and "green homes" using less energy, water and natural resources as part of the Green New Deal.
It will provide such support as the expansion of export financing and the financing of overseas marketing activities for companies that want to enter foreign green markets, he said.
The government plans to establish a roadmap for the development of the green energy technology industry and raise green energy funds to support continuous technological innovation, Lee said.
Looking back at the achievements made last year, Minister Lee said the Korean energy industry was grappling with crude oil price hikes during the first half of 2008 and laid a foundation for implementing low-carbon and green growth initiatives by establishing the national energy master plan and green energy development strategy in the second half.
The minister praised the energy industry for raising Korea's own petroleum and gas development rate from 4.2 percent in 2007 to 5.7 percent in 2008 through the entry of foreign markets via a package of exploration and other projects as well as for Korea being awarded the right to host the 2013 World Energy Council.
The gathering, organized by the Korea Energy Foundation at the KEPCO head office on Jan. 14, was attended by approximately 200 people in the Korean energy industry. The participants included MKE Minister Lee; KEPCO Chairman and CEO Kim Ssang-soo; Korea Electricity Commission Chairman Kim Moon-hwan; Korea National Oil Corp. President Kang Young-won; GS Caltex Chairman Hur Dong-soo; SK Energy President Koo Ja-young; S-Oil President A.A. Al-Subaey; Hyundai Oilbank President Seo Young-tae; Korea Resources Corp. President Kim Shin-jong; and Korea Energy Foundation Chairman Lee Sae-joong.
In his message, KEF Chairman Lee said, "Those in the low-income bracket will find it more difficult to get through the winter season with the exacerbation of the real economy, so energy support for the destitute needs to be provided first." He noted his foundation plans to expand projects to improve energy efficiency for the underprivileged and provide for emergency energy."
Looking back at 2008, the KEF chairman said it was a significant year for the Korean energy industry as Korea was awarded the right to host the 2013 World Energy Council. He added that the government and the energy industry need to join forces once again to make the 2013 World Energy Council a success. nw

Minister of Knowledge Economy Lee Youn-ho speaks at the New Year's meeting of those in the energy industry, organized by the Korea Energy Foundation at the KEPCO head office on Jan. 14.