South Korea commits 420T won for green projects

South Korea pledged a massive 420 trillion won ($313.4 billion) in policy loans aimed at funding initiatives that contribute to carbon emission reduction, Reuters reported on Tuesday.

This commitment was announced in a joint statement by the government and leading banks on Tuesday.

By the year 2030, five major state-run financial entities, including the Korea Development Bank (KDB), are set to disburse these loans to motivate companies to adopt eco-friendly, low-carbon production methods.

This ambitious strategy to intensify the battle against climate change was disclosed during a meeting with government representatives and executives from South Korea’s top five banks.

Additionally, the KDB, along with other prominent banks such as Woori Bank and Kookmin Bank, plans to establish a new 9 trillion won fund dedicated to the construction of renewable green energy infrastructure, further underscoring the government’s dedication to environmental sustainability.