Global Top Climate Environmental and Green Industry Growth Plan
The Korean Ministry of Environment announced a comprehensive plan aimed at supporting growth of new startups and expansion of export opportunities in a range of climate, environmental, and green industries. The goal is to take advantage of the growing global interest in sustainability and the energy transition; and translate these opportunities into domestic and export market economic opportunities. The objectives identified in the plan are: 10 "green" unicorn startupsR&D support for 10 global top "green" technologiesEnergy related technologies include: Battery recycling, renewable hydrogen production using bioplastics, carbon utilization (CCUS), circular economy/recycling of renewable energy related waste and electronic waste, reuse of plastic waste as feedstock/fuel, and replacement material for harmful chemicals.10 "green" industrial clustersDedicated clusters for batteries, electronic waste, solar panel waste, and bio gasAchieve/support KRW 30 trillion in green investments Provide access to foreign markets worth KRW 100 trillionIn order to achieve these objectives, the plans calls for a comprehensive support plan for green startups, R&D and knowledge sharing support for green technologies, facilitation of green investments and market development, strategic support for export markets, and regulatory support.Specific funding measures include:Financing support for bond/equity issuance (KRW 19.9 billion)Public-Private funds to support startups in various stages (KRW 500 billion)Establishment of a green export fund to support Korean business participation as vendors in overseas projects (KRW 300 billion)Public loans for green business capital expenditures (KRW 420 billion)Other policy measures announced as part of the plan but missing funding details are: Policy and regulatory support, including R&D funding supportCreation of green industrial clustersPublic-private interest rate support for businesses that fall under the Korean Green TaxonomyPolicy support for linking ORA programs with strategic new market development.
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