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‘Green New Deal’ to Create Nearly 1 Mln Jobs

Posted January. 07, 2009 04:20,   


The government plans to create 956,420 new jobs by investing 50 trillion won (38 billion U.S. dollars) into 36 projects including restoring the nation’s four major rivers, establishing a green transportation network, and distributing green cars and clean energy over the next four years.

President Lee Myung-bak in this year’s first Cabinet meeting yesterday decided to pursue a “Green New Deal” comprising nine key projects and 27 secondary ventures to create more jobs.

The chosen projects are closely related to low carbon and green growth, and are expected to create many jobs. The government last year announced the Korean version of the New Deal and ways to seek new growth engines.

Around 18 trillion won (13.7 billion dollars) will go into the river restoration project, repairing nearby areas, and setting up 1,297 kilometers of bicycle roads, things expected to create 280,000 jobs.

Another 160,000 new jobs are expected through investing 11 trillion won (8.4 billion dollars) into a “green transportation project,” which includes finishing the construction of high-speed railways linking Seoul with the southern port cities of Busan and Mokpo ahead of time and establishing a bus rapid transit system.

Other projects under the Green New Deal include securing alternative water resources and building environment-friendly small-scale dams; distributing green cars and green energy; recycling more resources; utilizing forest biomass; building more energy-efficient homes and offices; and creating green living spaces.

Out of the combined amount of 50 trillion won (38 billion dollars), 37.5 trillion won (28.7 billion dollars) will come from the central government; 5.3 trillion won (4.3 billion dollars) from provincial governments, and 7.2 trillion won (5.4 billion dollars) from private companies. Of the new jobs, 98,820 or 10 percent will go to young workers between ages 15 and 29.

Prime Minister Han Seung-soo said, “We’ve suggested the Green New Deal to pursue both New Deal policies contributing to job creation and green growth to help nurture the country’s growth potential.”

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