SEOUL, Nov. 24 (Korea Bizwire) – The Ministry of Environment and the Korea Environmental Industry & Technology Institute have joined hands with five major financial institutions for the launch of the “Green Card v2”, scheduled for Friday.
Green Card v2 is a follow-up of the original Green Card, but with extended benefits. The Green Card was first introduced in 2011 to promote environmentally friendly consumption, providing “Eco-Money Points” every time the cardholder partook in an eco-friendly activity such as purchasing low-carbon, environmental products, or using public transportation.
Using the card, Green Card holders could receive up to 200,000 won ($170) in financial benefits each year, based on their performance.
The five financial institutions participating so far are NH Nonghyup Card, BC Card, Industrial Bank of Korea (IBK), Daegu Bank (DGB), and Busan Bank (BNK), with more banks expected to join next year, according to officials.
In addition to current benefits, the Green Card v2 will provide eco-money points for online shopping, and for using automatic bill payment services (electricity, communications, etc.) that help to save paper. It offers additional discounts when purchasing eco-friendly products by businesses that are partnered with the program, as well as when buying recycled vehicle parts.
The new card is made of eco-friendly wood material, instead of conventional plastic.
“The new Green Card will offer a greater variety of benefits to Korea’s eco-friendly consumers, while at the same time promoting an environmentally friendly lifestyle,” said Minister Cho Kyung-kyu.
A total of 14.35 million Green Cards have been issued since its launch in 2011 (as of October), resulting in emissions savings of 1.96 million tons of CO2. Cardholders have been rewarded 27.7 billion won in eco-money points that were used as cash, gift vouchers, and for the payment of mobile communication fees.
By Kevin Lee (email@example.com)