GREEN ECONOMY IN SOUTH KOREA: A SUSTAINABLE PATH FORWARD

Abstract

South Korea's pursuit of a green economy is an exemplary case study in the global shift toward sustainability. This article, "The Green Economy in South Korea: A Sustainable Path Forward," delves into the multifaceted journey of South Korea as it endeavors to harmonize robust economic growth with responsible environmental stewardship. The analysis traverses diverse dimensions, including government policies and frameworks, renewable energy initiatives, green finance and investments, sustainable urban planning, considerations of equity, and international collaborations. Government policies, notably the "Green New Deal," underscore South Korea's commitment to sustainable development, with investments in renewable energy, green infrastructure, and job creation. The expansion of renewable energy sources, led by private sector giants, is pivotal in reducing fossil fuel dependency. Green finance instruments such as green bonds mobilize capital for eco-friendly projects, aligning financial markets with environmental goals. Integrating technology and sustainable practices in urban planning reflects South Korea's commitment to reducing carbon footprints. However, the journey is challenging, notably balancing economic growth with environmental preservation and ensuring equitable distribution of green benefits. South Korea's active participation in global environmental agreements, particularly the Paris Agreement, solidifies its commitment to tackling climate change worldwide.