South Korea to Spend $94.6 Billion on Green Economy

South Korea will be spending 114.1 trillion won ($94.6 billion) in the next six years on green economy, a greater chunk of this investment will be directed into hydrogen cars and electric vehicles.

During a speech, South Korea’s President Moon Jae-in said indeed the pandemic has revealed the need for much needed climatic changes further adding by 2025 the initiative would have created 1.9 million jobs in the country.

The coronavirus pandemic once again reaffirmed the urgency of responses to climate change,” said the President.

The project will cut down reliance of the country on fossil fuels, help the country use and mange electricity more efficiently and also assist in integration of remote medical services.

By the year 2025, South Korea is looking forward to having 1.1 million electric cars and 200,000 hydrogen cars across the country. Citing documented data, by the end of last year the Asian country had 91,000 electric vehicles and 5,000 hydrogen cars on its roads.

Nonetheless, the announcement didn’t go without criticism, environmentalists organizations said the project is yet to mature and that it lacks the international standards to cut carbon emissions.

This plan is a half-baked deal that lacks the goal of curbing carbon emissions to net zero by 2050 and a roadmap to reach that,” said Greenpeace Korea, an environmentalists group based in South Korea.

 

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