The Korean government will inject 50 trillion won (US$38 billion) into a series of ’green’ initiatives over the next four years and will create 960,000 new eco-friendly jobs, Prime Minister Han Seung-soo announced this week.

The Prime Minister said 39 trillion won (US$ 30billion) has been budgeted for nine core projects, which are expected to create as many as 690,000 jobs. A further 11 trillion won (US$ 8billion) has been allocated for 27 subsidiary projects that will create 270,000 additional jobs. Posts for young job seekers will account for about 10 percent of all new positions, he said.

The government’s number one priority among these 36 projects is the restoration of four major rivers - the Han, Geum, Nakdong and Yeongsan Rivers. The project aims to prevent disasters from flood and drought, secure water resources, enhance water purity and expand the number of environmentally-friendly spots.

One trillion won (US$ 0.8billion) will be allocated to building small and medium-sized dams to help secure more water resources and prevent flooding and other weather-related disasters. Along the drainage basin of these rivers, 1,300km of bicycle tracks and eco-friendly cultural space will be developed. Means to renovate rivers passing through villages and cities into eco-rivers will also be enthusiastically promoted.

"The Green New Deals are a strong expression of the government will to exert all its efforts to ease people’s pain and create jobs," the Prime Minister said in a statement.

Unemployment has risen in Korea to 3.1 percent in November from the previous month’s three percent, and the Ministry of Strategy and Finance lowered the country’s 2009 economic growth forecast by one percentage point to three percent, citing the global financial crisis as the reason.

The central Bank of Korea has warned that facility investment will fall 3.8 percent this year, following a 0.2 percent contraction in 2008, undermining South Korea’s growth potential.

The "Green Transportation Network" is another of the government’s ambitious plans, the Prime Minister said. According to the plan, a grand bike transportation route, stretching over 3,000 km will be constructed by 2018.

The route will connect the entire coastal area of the southern half of the Korean Peninsula -- from Gangwha Island (in Gyeonggi Province), to Mokpo (in South Jeolla Province), Pohang (North Gyeongsang Province) and Goseong (Gangwon Province). When finished, it will provide opportunities for cyclists to bike to work throughout Korea.

Energy-recycling projects include the production of garbage gas, while trees will also be planted and facilities built to harness energy from forest biological material. About 3 trillion won (US$ 2.3billion) will be invested to manage these projects, which is anticipated to create 230,000 related jobs. In this vein, Forest tending areas will be stretched to cover 340,000 ha and 16 carbon cycle towns will be established in the mountains with facilities that use forest biomass.

An estimated 2 trillion won (US$ 1.5billion) will be used to develop clean energy technology and the number of environmentally friendly vehicles on Korea’s roads will be increased 68,000 by 2012.

Of the total investment, 37.5 trillion won (US$ 29billion) will be covered by the state, while 5.2 trillion won (US$ 4billion) will come from regional governments. The private sector will supply 7.2 trillion won (US$ 5.5billion).

In recent years, Korea has launched a number of initiatives to develop more environmentally friendly cities and to stimulate restoration of eco-systems severely damaged by decades of rapid industrialization.

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