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Developed countries eyeing green economy as route out of crisis

Under the pressure of a double crisis, financial and climate, some developed countries are striving to add more green color to their economies, as a way out of recession and to create more jobs.

Investment in green economy is a good way to combine economic stimulus with the urgent task of addressing climate change, said World Bank Chief Economist and Senior Vice President Justin Yifu Lin in an recent interview with Xinhua. "It will also yield great benefit in the long run," he added.

However, doubts and worries remain despite the promising future government officials described in advocating the green economy.

GOING GREEN

Britian has taken the lead in promoting a green economy and has become the first country in the world to set itself legally binding "carbon budgets."

The British government in July issued the Low Carbon Transition Plan that plots out how the country will meet its emissions targets by cutting 34 percent by 2020, from 1990 levels.

Under the plan, by 2020, more than 1.2 million people will be in green jobs, while 40 percent of electricity will be generated from low carbon sources -- from renewables, nuclear and clean coal.

In the United States, the treasury and energy departments said on Aug. 13 that they will provide 2.3 billion U.S. dollars in tax credits to manufacturers of clean energy equipment as part of President Barack Obama's 787-billion-dollar stimulus package.

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 Source : Xinhua  Editor: Ivy
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