Thursday, May 06, 2010

Asian Nations Use Economic Stimulus Package to Support Green Technology

According to recent statistics, China spends more than a third of its stimulus package on ‘green’ investments such as high-speed rail, investments in wind and solar power initiatives, and energy-efficient lighting projects.

The Republic of Korea is also a leading nation in green technology. This year the country has dedicated over 95% of its fiscal stimulus to the environmental sector, and plans to spend $60 billion to cut carbon dependency through measures such as developing low-emissions vehicles.

Currently, China and the Republic of Korea are leading the way in environmental investment, spending over 3 percent of their GDP on various ‘green’ technology initiatives. Leading economists suggest that these investments will have significant positive impacts not only for addressing issues of climate change, but also food shortages, natural resource scarcity, and unemployment.

-Michelle Leung

Source: UN News Center