Korea will realign the focus of its overseas development aid programs with the goal of sustainable and eco-friendly growth, a presidential committee said Wednesday.
To handle the shift in the country’s policy on official development assistance, it will establish a pan-governmental panel this year and set new guidelines on provision of grant aid to underdeveloped and developing countries, the Presidential Committee on Green Growth said in its report to President Lee Myung-bak.
“Through a new green ODA initiative, Korea aims to position itself as a global leader in the field of green growth,” the report said, which was unveiled during a meeting presided over by the president.
The proportion of environmentally friendly aid projects has been on the rise since 2008 when Lee proclaimed a new national vision of low-carbon, green growth, the committee said.
According to its data, green projects accounted for 14.1 percent of the country’s entire spending on ODA in 2010, up from 11.3 percent in 2007.
Low-carbon, green growth has been one of Lee’s key policies as he strives to create new momentum for Asia’s fourth-largest economy, largely dependent on the manufacturing sector. In his address in 2008, Lee said he wanted to reduce the Korean economy’s dependence on fossil fuels, while developing green industries, such as alternative energy, into a new growth driver.
Also reported during Wednesday’s meeting was a plan to augment financial support for energy-saving projects, such as replacing conventional lighting in apartment underground parking garages with more energy-efficient LED lighting.
This year, the state-run Korea Finance will provide 70 billion won (about $62,000) in the form of factoring financing, through which the apartment complexes will switch to LED lighting for free, with the cost to be recovered later through electricity bill savings.
