The report published by the UKTI predicts that the opportunity costs will amount to several billion pounds.
An analysis suggests that companies in Korea will be benefited by several billion pounds of opportunity costs when Korea is changed to a low-carbon economy.
On November 13, the British Embassy in Korea presented ‘Report on enhancing Korea’s competitiveness in low-carbon economy’ published by the United Kingdom Trade & Investment (UKTI) at the ambassador’s residence in Seoul.
In the report, the UKTI said, “The Korean government has been pursuing a very aggressive low-carbon strategy as it announced in July 2009 with a plan of investing 2% of its GDP in low-carbon economy. The low-carbon market in Korea is expected to raise high profits and fast growth with very bright outlook.”
The report analyzed that companies in Korea will be able to gain opportunity costs equivalent to several billion pounds when Korea is changed to low-carbon economy, classifying the low-carbon opportunity into 30 segments.
Secretary Edward Davey of U.K. State for Energy and Climate Change said, “According to the report, Korea can satisfy its demand for low-carbon products and services. Particularly, an analysis shows that there 30 different low-carbon opportunities exist in Korea, including renewable energies, eco-friendly buildings and materials.”
Secretary Davey continued, “The low-carbon economy evidently provides opportunities to companies, including small and mid-sized businesses, engineering, consulting, construction, equipment supply and material companies. With unique technologies in renewable energy areas, the United Kingdom is providing sustainable solutions to the world.”
Sir Steven Green, Administrator of UKTI, urged cooperation between Korea and the United Kingdom in low-carbon area saying, “Korea is striving to reduce its consumption of energy, and the United Kingdom can help change it to a low-carbon economy.”
Sir Green also introduced advantages of investment cooperation between the two countries saying, “With conclusion of the Korea-EU FTA, 97% of tariffs will be lifted within 3 years, and many trade barriers, including low-carbon area, are expected to be eased.”