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" "THE G20 SUMMIT TO BEHELD IN SEOUL INNOVEMBER WILLPROVIDE A FORUMFOR HEADS OFSTATE AND INTERNATIONALLEADERS TO DISCUSS HOW TOBUILD UPON PASTACHIEVEMENTSAND PONDER ANEW STRATEGYFOR COMMONPROSPERITYrom the melting glaciers in the Arcticto the unprecedented NorthernHemisphere summer heat wave thatbrought scorching temperatures across Asia, Europe and North America and thedevastating floods in Pakistan, we have witnessed and experienced first-hand the challenges created by climate change. The totality of these events means cooperation among countries across the globe is critical if we are to successfully surmount these difficulties. We need to build on the Copenhagen Accord, whichhas been supported by more than 140 countriesincluding Korea, and progress further towards the goalof addressing climate change at the 16th Conferenceof the Parties to the United Nations FrameworkConvention on Climate Change to be held in CancĂșnlater this year. In addition, it is also hoped that theCancĂșn meeting will serve as an opportunity fordeveloped and developing countries to rebuild trust in one another regarding the issues raised by climate change.GREEN GROWTH -A STRATEGY FORTHE FUTUREDeveloping competent measures to address theproblem of climate change will require us to revisit andre-evaluate our understanding of the issue and the wayin which we approach the climate change obstacles.As a start, we need to understand that climate changeis an intergenerational issue. We must takeresponsibility for the effects of climate change not onlyfor our own generation, but for our future generations.Action or inaction on our part has massive implicationsfor the present and the future. Appreciating the grave need to counter climate change,we need to reassess the methods through which weachieve economic development. Given the prevailingrealities of climate change, it is no longer feasible fornations to follow the same route to economicdevelopment that countries during the last centuryhave taken. Changes in the climate necessitatechanges in the way we seek economic growth. Thus, the Korean Government has identified thepursuit of Green Growth as a crucial and timely strategyfor the future. This policy will allow us to effectivelyaddress both the immediate and future challengescaused by climate change. At the same time, it willenable Korea to achieve economic developmentthrough industrial reorganisation. This reorganisationrequires a transition from carbon-intensivedevelopment to environmentally-friendly growth. The recent development of electric-powered vehiclesin Korea, which boast maximum speeds of up to 130kilometers per hour, illustrates this strategy. The abilityto power vehicles with "low-carbon" electricity insteadof fossil fuels will lead to a substantial decrease in theconsumption of traditional forms of energy. In turn,less fossil fuel burned will lead to significantreductions in the emission of carbon dioxide and otherharmful greenhouse gases, directly contributing to ourefforts to counter climate change. Energy is anotherarea ripe for innovation. As with automobiles,traditional, carbon-intensive means of creating energyhave relied primarily on fossil fuels such as coal andoil. Although these forms of energy have brought aboutunprecedented economic development in the past,and may continue to play a major role in manycountries, the harm to our environment is undeniable.It is imperative that we seek cleaner, renewable formsof energy. GREEN GROWTH: A NEW PARADIGM FOR PROSPERITYKEYNOTE ARTICLE090G-20 MEMBERSLEE MYUNG-BAK, PRESIDENT, REPUBLIC OF KOREAF

G-20 MEMBERS091Right: Korean PresidentLee Myung-bakIn pursuing these alternative energy sources we will beaddressing environmental concerns even as we put inplace mechanisms that will also yield tangibleeconomic benefits. Shifting our sources of energyallows us to redirect substantial sources of wealth intoother productive sectors of the economy. Theinvestment and technological innovation required indeveloping new technologies for electric vehicles andrenewable energy will provide additional impetus foreconomic growth, and will lead to more jobs related tothe research, development and production of eco-friendly goods and services. Green growth clearly does not translate into a trade-offbetween economic development and protection of theenvironment. Rather, it allows us to attain both goalssimultaneously. It is a "win-win" strategy that willprovide countries with the ability, not only in the longterm but also in the short term, to preserve theenvironment and achieve economic competitiveness. We do understand, however, that the transition togreen growth may not be achieved uniformly at thenational and international levels. There are people whowill be particularly vulnerable during the transition andthus will need more time to adjust than others. Withoutthe appropriate consideration they could be leftbehind, and our "growth" strategy would not workeffectively. In addition, the transition could take longerfor those countries with a more rigid market structure.Many developing countries, with their low level oftechnological capacity and human capital, may findthat the "green growth" strategy simply widens the gapbetween them and the advanced economies.Nevertheless, given effective guidance appropriate tothe conditions of each country, green growth can opennew avenues through which developing countries cancrosscut the development gap between them and thedeveloped countries. A PUSH FOR INTERNATIONAL CO-OPERATIONNo country acting alone in the push for green growthcan bring about change on a global scale. What weneed is a concerted effort on the part of theinternational community to confront this challenge. Inthe hope of providing a unified platform to facilitatethe collaboration of the global stakeholders, Korealaunched the Global Green Growth Institute (GGGI) inJune 2010, a body that will serve as a think tank forgreen growth and provide practical solutions fordeveloping countries seeking to implement greengrowth policies. We encourage all nations andinterested parties to take part in GGGI's initiatives andmake use of its resources. The G20 Summit to be held in Seoul in November willprovide a forum for heads of state and internationalleaders to discuss how to build upon pastachievements and ponder a new strategy for commonprosperity. The recent global financial crisis hashighlighted the weaknesses of the internationalfinancial system, and it has underlined the closelyintertwined nature of the global economy. There is no doubt that changes are required to fix theshortcomings of the current international financialsystem. But as the old saying goes, every cloud has asilver lining. This crisis offers a great opportunity for atransition towards a new paradigm for growth: a "GreenNew Deal" that uses the strategy of green growth as afoundation for achieving a global economic recoveryand lasting development. Korea would be proud to host the Summit which can transform adversity into possibility.In addition, Korea has further signaled its intention toplay a pioneering role in the global green growth effort.These initiatives, combined with our future ambitions,are testament to Korea's firm resolve to bring climatechange to the forefront of global issues and ensure thatthe world does not stand idle in the face of such animminent threat. With the cooperation of theinternational community, we hope to reach aconsensus that will set us on the path toward ourcommon goal to fight climate change and achievefuture prosperity. n