South Korea to provide $313 bln in loans to finance carbon offset projects

Woori Financial

19/03/2024 10:09

SEOUL, March 19 (Reuters) - South Korea has vowed to
provide 420 trillion won ($313.4 billion) in policy loans to
finance projects to help reduce carbon emissions, 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 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 statement said.
    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.
($1 = 1,340.0700 won)

 (Reporting by Ju-min Park; Editing by Miral Fahmy)
 ((ju-min.park@thomsonreuters.com; Reuters Messaging:
ju-min.park.thomsonreuters.com@reuters.net))