The Economic Opportunities and Constraints of Green Growth: The Case of South Korea
To this end, 15 green technologies were chosen as priorities for governmental support. A number of green growth policies, such as the emission trading system, the Green Homes Project and the Renewable Portfolio Standard, are expected to provide a stable framework for domestic market expansion. In addition, the government R&D investment plan is expected to play an important role in filling a technological gap between South Korea and leading countries in green energy.
The nation's well-developed industrial foundation in areas such as technology and infrastructure will be an advantage that can be easily applied to the green energy industry. Furthermore, the nation's advanced IT and electronic technology firms have entered the smart-grid business.
Based on strong political support and policy measures, South Korea's green growth policy has showed noticeable progress in a short period of time. However, the biggest challenges are technological dependency and growing competition in the global market. Also, the transition from a hydrocarbon-based economy to a renewable-based one could bear a huge economic and social cost. The speed of the transition, as well as a series of external variables - such as the global economic condition - will also affect the progress of green growth in South Korea.
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The Economic Opportunities and Constraints of Green Growth: The Case of South Korea
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