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South Korea to Invest $38 Billion in Green Projects

South Korea to Invest $38 Billion in Green Projects

South Korea is planning a $38 billion investment in what it's calling its Green New Deals, an effort to boost jobs and the economy, Agence France-Presse reported.

The Green New Deals is made up of 36 projects which include bicycle tracks, high-speed railways, building 2 million energy-efficient homes, producing energy from garbage, cleaning four major rivers and building dams, banks and water-treatment plants to reduce environmental risks.

The four-year investment would create about 960,000 new jobs for the country, which saw its unemployment rate go from 3 percent to 3.1 percent between October and November last year. The National Statistical Office says companies are holding back on hiring new employees, and the Ministry of Strategy and Finance has cut the 2009 economic growth forecast for the country to 3 percent, down one percentage point.

Jobs From the Smart Grid

The GridWise Alliance is positive that green investments in the U.S. will spur job creation as well, releasing this week a report explaining how a $16 billion federal investment in incentives for a range of technologies could drive forward $64 billion in projects and create 280,000 jobs directly.

The investment would also likely create a number of other jobs indirectly, though the report does not give estimates for them. The smart grid technologies the report, prepared by KEMA, is focused on include plug-in hybrid vehicles, solar power, wind energy, advanced metering and smart appliances.

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