South Korea Announces $313 Billion Funding for Projects to Fight Climate Change
By Trisha Andrada
Mar 19, 2024 09:38 AM EDT
Mar 19, 2024 09:38 AM EDT
South Korea has committed to providing 420 trillion won ($313.4 billion) in policy loans to finance projects that will help the country meet its climate goals.
Citing a statement from the Financial Services Commission (FSC) and the Ministry of Environment, Bloomberg reported Tuesday that five state-run financial institutions will fund the so-called green fund.
These lenders include the Korea Development Bank, the Export-Import Bank of Korea, the Korea Credit Guarantee Fund, Woori Bank, and Kookmin Bank.
The funding announcement comes as South Korea aims to achieve net-zero emissions by 2050. According to the FSC and the Ministry of Environment, funding from the five institutions will reach 60 trillion won ($44.8 billion) each year until 2030, an increase of 67% compared to the past five years.
In addition, the FSC and the Ministry of Environment said that South Korea's government and the banking sector would establish an independent fund worth 9 trillion won ($6.7 billion) by 2030 to support the research, development, and expansion of renewable energy sources, Reuters reported.
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