It is certain that Barack Obama and Lee Myung-bak have a common political philosophy. Both shout out for change and hope, however, the confidence of one leader isn't always the only thing needed to convince vulnerable citizens. The experts say the year 2009 will be a struggle in the Korean economy. The outlook of the global economy is not so bright either. President Lee's quick change in focus to deal with the global financial crisis in a manner similar to Obama is significant in many aspects, yet it was definitely one way to plant a seed of hope in Korea's heart. Just by hearing that we are not struggling alone and that we have similar plans is a good way to calm our fears and lift our spirits. The factor that raises Koreans' spirits the most is the Green Growth Deal that was recently announced at the Blue House.

Korea sketches a green growth industry

In December 2008, Lee announced a plan to invest 300 billion won (US$217.8 million) into Green Technology and New Growth Industry. Another 10 billion won (US$7.26 million) will be given to fund new venture companies. The New Growth Industry Expert Fund will be created to support Green IT and biofuels. The plan will also help to create a hidden Korean champion by funding the field of Green Technology. The government's support will increase from 31.8 billion won (US$23 million) to 48.7 billion won (US$35.4 million) this year. By training 5,000 companies, the government seeks to ensure the manpower to compete in the upcoming wave of green technologies. The research and development of green technologies, therefore, will be strengthened with twice the investment from the government by 2012.

Converged technology from the information technology, biotechnology and nanotechnology fields will develop along with green technologies in order to penetrate the global market in 5 years.

American green technology at a glance

In a similar time period, the Obama administration announced a long-term plan to invest at least US$150 billion over the next ten years to advance the technological evolution of biofuel usage and biofuel infrastructure. They also want to accelerate the commercialization of plugin hybrids, promote development of commercial scale renewable energy, invest in low emissions coal plants, and begin transition to a new digital electricity grid. The plan will also invest in America's highlyskilled manufacturing workforce and manufacturing centers to ensure that American workers have the skills and tools they need to pioneer the first wave of green technologies that will be in high demand throughout the world.

Korea's plan to support growing industry

Back in Korea, a New Job Training Program was suggested in December 2008 by the Ministry of Education and Science Technology (MEST) at a presidential briefing. MEST provided a program to create jobs for 50,000 youth. Two roles, the Education Administration Internship position and Afterschool Tutor position, were added to the plan which created 34,500 new jobs in the field of education services. Creation of an environmentally friendly Green School opens up 8,300 new jobs, and 7,600 internships at universities and research centers Koreawide have opened up.

Renewable Energy

The green growth industry deals with renewable energy as well. The more renewable resources we produce, the greener the environment gets. The “Obama-Biden Plan,” as it is sometimes called, will do whatever it takes federally to create new jobs in the US. By all means, the administration will create a federal Renewable Portfolio Standard (RPS) that will require 25 percent of American electricity be derived from renewable sources by 2025, which has the potential to create hundreds of thousands of new jobs on its own. Obama and Biden will also extend the Production Tax Credit, a credit used successfully by American farmers and investors to increase renewable energy production and create new local jobs.

Obama and Lee were quite possibly thinking the same thing when the MB Administration set out a plan to create 4,300 New Renewable Energy jobs. The Ministry of Knowledge and Economy announced its decision to invest 740 billion won (US$537 million) by 2012 to provide New Renewable Energy sources. Not only does it help to carve out a path to strengthen the future growth industry, but also to create jobs. The Lee Administration has on its agenda to provide suitable new renewable energy to different regions by 2020 including solar power, wind power, or biogas. This project is expected to cost 739.1 billion won (US$536.6 million) by 2012, yet will create 4,348 New Renewable Energy jobs. Moreover, the Ministry of Environment is promoting environmentally friendly vehicles and the technological development in core Green Car parts. The major project is to develop an energy saving system for PHEV to strengthen the technological power at an earlier stage. Approximately 193 billion won (US$140 million) will be invested by the Lee Administration in support of this project and 196 Green Carrelated jobs are expected to be created. Also by 2012, 20% of the public facilities will change their lights to LEDs to conserve energy. Mbnomics is seeking to invest 1.3 trillion won (US$944 million) into this business and expects LEDs to give good returns. The estimation is that LED business expansion and raised revenue will open up 10,000 new jobs in the country.

Cooperation and the code green

2009 is a year for new alliances and a heightened level of Korean-American cooperation. What is going to make this upcoming collaboration even better is the code green that will improve the quality of both countries' citizens by providing environmentally friendly cities. Change and hope in the form of the green growth industry awaits us.