South Korea yesterday announced plans to invest a staggering Won107,000bn ($85 billion) on ‘green growth’ industries over the next five years.

The government predicts the unprecedented cash-injection, around 2 per cent of the country’s entire gross domestic product, will create up to 1.8 MILLION new jobs in renewable energy and environmentally-friendly projects.

In a presidential statement, the country’s leader, Lee Myung-bak, said that the so-called Green New Deal will significantly boost growth and jobs in an effort to ride out the economic slump.

“The aim is for South Korea to become the world’s seventh most competitive country by 2020 in terms of energy efficiency and ability to adapt to climate change,” he said.

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A new report says that global warming could cost the Californian economy billions of dollars each year, through a combination of rising sea levels, and the increased frequency of wild fires and extreme weather events.

The comprehensive study (PDF), published by researcher’s at UC Berkeley, also claims that $2.5 trillion of Californian real estate assets are at risk. The clear message, says co-author Prof. David Roland-Holst, is the strong economic case for timely action to slash carbon emissions and adapt to the already unavoidable effects of climate change.

“Our report makes clear the most expensive thing we can do about climate change is nothing,” he said. “As we learned in New Orleans, turning your back on the threat of natural disaster doesn’t make it go away.”

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