SEOUL, April 15 (Korea Bizwire) — In tandem with the government’s pursuit of carbon-neutral policies and the business community’s embracing of the environment, social and governance (ESG) management trend, investment is flooding into startups in the ESG sectors.
Domestic startups attracted 11.7 trillion won (US$9.51 billion) in investment last year, more than tripling from a year earlier, and the highest figure in history, according to Startup Alliance and Triplelight Co.
Among them, 19 startups each attracted investments of more than 100 billion won, more than six times higher than a year before.
For instance, the country’s three major mobile carriers — SK Telecom Co., KT Corp. and LG Uplus Corp. — created a 40 billion won fund last month to support startups involved in the ESG sectors
Battery maker SK Innovation Co. signed an agreement with the Korea Institute of Startup and Entrepreneurship Development to promote the creation of an eco-friendly startup ecosystem.
After going through a process of joint assessment, 15 startups in eco-friendly areas will be chosen to receive support.
According to a survey released in February by Startup Alliance and Triplelight, 77.9 percent of startup investors plan to maintain or expand ESG investment, with a particular focus on the environment.
J. S. Shin (firstname.lastname@example.org)