The Ministry of Trade, Industry and Energy announced that it had signed a business agreement (MOU) to introduce the Green Guarantee business between the Korea Energy Agency and the Credit Guarantee Fund and the Technology Guarantee Fund. The business guarantees that loans for renewable energy companies are based on carbon valuation, not the existing credit or technical capability evaluation. The ratio will increase from the existing 85% up to 95%, and guarantee fees will be reduced from 1.2% to 1.0%. Companies could benefit from the interest rate cut by from 0.9% to 2.83% on average. The Ministry will allocate KRW 50 billion of the total green guarantee project budget to two institutions, the Credit Guarantee Fund and the Technology Credit Guarantee Fund, and the two guarantee institutions issue guarantees within the range of KRW 350 billion. The governmental budget will expand up to a total of KRW 200 billion by 2024.