One of Asia’s fastest growing economies in the last 40 years, South Korea, has emerged as a manufacturing powerhouse that has virtually eliminated poverty. Its resilient economy survived the 2008–2009 financial crises better than almost any other country, but it is far from complacent. Korea spends a bigger percentage of GDP on research and development than Germany, the UK and the US.
Today, Korea is a global champion of green growth with a long-term plan for transitioning to green growth and a focus on exporting green tech, and it is moving away from energy imports and energy-intensive industries. Korea’s journey is not complete, but its progress stands as an inspiration to developing countries wherever they are in theirs.
At the second Global Green Growth Summit, in Seoul on Thursday, President Lee Myung-bak reinforced Korea’s commitment to playing a leadership role on the global stage, restating Korea’s commitment to increasing official development assistance through to 2020 and announcing that 30 percent of that ODA will be green.
Launching our report in Seoul was an excellent opportunity to further strengthen our partnership with Korea and expand our inclusive green growth knowledge base.