China, Republic of Korea emerging as global ‘green’ leaders – UN agency

China and the Republic of Korea (ROK) are emerging as global ‘green’ leaders, with both Asian nations investing large chunks of their stimulus packages into low-carbon technologies, the United Nations Environment Programme (UNEP) said today, as leaders of the Group of 20 (G20) industrialized nations kick off their meeting in the United States city of Pittsburgh.

China has spent over one third of its economic recovery funds on railways, water infrastructure and renewable energy, while the ROK has dedicated 80 per cent of its stimulus package to promoting energy-efficiency in buildings, waste management and other areas.

UNEP credited countries including Australia, the US, Japan, Germany, South Africa and France as being among the countries which have also used the financial crisis as an opportunity to embark on a new green path.

But the agency and economists are warning that the green component of the global stimulus package falls short of the $750 billion – or one per cent of global Gross Domestic Product (GDP) – needed to curb carbon dependency.

UNEP’s latest update, the body’s Executive Director said, is both “cause for optimism and cause for concern.”

Achim Steiner pointed out that while the fact that 15 per cent of stimulus spending are green in nature is a positive development, the transition to a low-carbon future is “patchy” and “far from embedded.”

The G20 meeting in Pittsburgh – attended by nations representing nearly 70 per cent of the world’s population and 90 per cent of global GDP – is an opportunity for countries to “re-confirm their pledges and review their options so that the investments being made in addressing the crises of the here and now carry forward a double, triple and quadruple dividend – addressing climate change, natural resource scarcity and decent employment possibilities for two billion people,” he added.