Under the strong support of the government, overseas resource devel¬opment and low-carbon green growth strategy have become two core paradigms of energy policy in the Lee Myung Bak administration. This study reviews major characteristics and content...
Under the strong support of the government, overseas resource devel¬opment and low-carbon green growth strategy have become two core paradigms of energy policy in the Lee Myung Bak administration. This study reviews major characteristics and contents of these two policy paradigms and suggests a more thorough examination of policy rationale and cost-benefit analysis to make these policies more efficient and sustainable. As a resource-scare country, an expansion of overseas resource development and development of alternative energy have been accepted as a policy imperative in Korea. However, some fundamental considerations were missing while taking these policies for granted as an un-touchable imperative. Overseas resource development needs a clearer objective and vision that enable a more selective and effective energy diplomacy and investment. It also has to deal with diverse interests between the government that emphasizes energy security by guaranteeing a stable supply and the private sectors that have a keener interest in maximizing economic profit and outcomes in a shorter term. The strategy of green growth was rightly chosen but it still shows the gap between policy goal and economic reality. An effective migration plan should back up the pursuit of green growth strategy. This study argues that the rationale for these policy paradigms should go beyond the logic of indisputable necessity and should be based on a more tangible and visible cost-benefit analysis in a longer-term perspective.