South Korea Launches New Eco Credits Policy Plan

January 14, 2011 / No Comments

South Korea, with an objective to implement and promote sustainable development and green movement in the country, has announced a new policy plan. The Ministry of Environment’s new initiative is based on an Eco-credits program that enables the citizens to earn cash by switching on to green lifestyle.

green credit card South Korea Launches New Eco Credits Policy Plan

The Government has issued green credit chips that are embedded into consumers’ credit cards. These chips award points every time a cardholder buys or uses certified green products or green services. These credits thus awarded can be redeemed for cash or they can be used to lower utility bills. The most remarkable aspect is that credits are given to small and simple deeds such as using recycled batteries or buying paper bags.

Through implementing this program, the country plans to cut greenhouse gas emissions by 30 percent by 2020. The Climate Change Cooperation division at the ministry made it clear that the government have opted to create a new spending program for green living because it is believed that it will be more successful than the initiatives by private companies in this regard, who uses it as a marketing strategy.

Along with this, city government of Seoul is launching an eco-mileage credit card, through with the customers of hybrid cars and eco-friendly appliances could receive coupons if they conserve electricity and water. Samsung Electronics and Hyundai Motor are also taking part in this.

With the advent of electric buses, wind farms, eco friendly infrastructure in the country, the implementation of such credit card system may turn quite helpful in promoting sustainable development and safeguarding these available green options.

(Via Inhabitat)