As the COVID-19 pandemic devastates the global economy, Korea uses the crisis to kickstart
environmentally sustainable economic growth to support a green-led recovery.
On July 14, to prop up the economic crisis, the Korean government announced an official roadmap of the
Korean New Deal, which is a package of economic, environmental, and social reforms in the post-COVID-19
era. The policy revolves around three pillars; a) Digital New Deal, b) Green New Deal, and c)
Strengthening the Employment and Social Safety Nets.
This involves spending fiscal stimulus on renewable energy and other clean technologies to create jobs.
The “green” part of the plan is known as the Green New Deal (not to be confused with the US’ proposed
package of climate policies, of the same name).
The Korean green plan involves US$61.9 billion targeting the creation of 319,000 jobs by 2022 and
659,000 by 2025. The US$135 billion investment in green and digital technology comprises three parts;
US$96.3 billion from Treasury, US$21.2 billion from local governments, and US$17.3 billion from the
private sector.
Korean President Moon Jae-in will personally chair a monthly strategy meeting on the K-New Deal to
monitor the performance of government ministers and ensure the private sector meets its
commitments.
An English booklet on the Korean New Deal was released by the Ministry of Economy and Finance (MOEF).
Please refer to the following link to download the English booklet.