South Korea’s $313bn Loan Plan For Carbon-Cutting Projects

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.

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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

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