The South Korean government has responded. It’s New Deal, plans to invest about US$144 billion in creating 1,901,000 jobs by 2025. The plan focuses on a Digital New Deal and Green New Deal, and includes overarching policy support to strengthen employment and social safety nets.
Korea has identified ten key projects ranging from green mobility to smart healthcare. It includes the central and local governments' involvement to bring innovation and jobs to the regional economy, with half of the money invested outside Seoul.
The Green New Deal focuses on renewable energy, green infrastructure and industrial sector. Its green car subsidy programme offers up to US$17 million in subsidies to people buying electric cars in 2021 and up to US$33.5 million for hydrogen fuel-cell electric vehicles.
In December 2020, South Korea submitted to the UNFCCC its NDC and 2050 Carbon Neutral Strategy. The latter includes Korea's long-term strategy for achieving carbon neutrality by 2050.
South Korea is the 1st East Asian country to pledge to reach zero emissions by 2050