S. Korea authorizes "low carbon, green growth" law

SEOUL, Jan. 13 (Xinhua) -- South Korean president Lee Myung-bak formally put through the "low carbon, green growth" law Wednesday, reinforcing his pledge to become a leader in green growth in the international community.

The Basic Law on Low Carbon and Green Growth, slated to go in effect on April 14, enforces the country to spend two percent of its annual gross domestic product in developing eco-friendly businesses and projects that will lead to both economic growth and reduction in greenhouse gas emissions simultaneously.

"The new law gives South Korea a firm institutional and legal framework to become a global leader in green growth and validates our country's concerted effort to be an exemplary nation in this field," said President Lee in a statement.

South Korea announced late last month that it will voluntarily reduce greenhouse gas emissions by 20 percent from the projected emission level in 2020 compared to 2005 by the end of January.