South Korea has vowed to provide loans worth $313.4 billion to finance carbon-cutting projects, a joint statement by the government and major banks said on Tuesday.
By 2030, five state financial institutions including Korea Development Bank (KDB) will provide those loans to encourage companies to switch to low carbon production, the announcement said.
Also on AF: China Bonds Bonanza Fuelled by ‘Asset Famine’, Property Woes
The plan to step up the fight against climate change was unveiled in a meeting between government officials and heads of South Korea’s five major banks.
The KDB and other big banks including Woori Bank and Kookmin Bank, will also create a new fund worth 9 trillion won for building new green energy facilities, the government added.
- Reuters with additional editing by Sean O’Meara
Read more:
Cost of Carbon Capture by 2050 May be Double Estimates – IME
US Startup, Singapore to Build an Ocean Carbon Removal Plant
China Carmakers Lead EV Race But Lag in Carbon Shift – SCMP
China’s Sinopec Sets Up Carbon Dioxide Capture Unit
China’s Carbon Market Hampered by Fraud, ‘Weak’ Design
The post South Korea’s $313bn Loan Plan For Carbon-Cutting Projects appeared first on Asia Financial.
