This file photo taken June 13, 2022, shows children participating in a performance regarding net-zero goals. (Yonhap)
SEOUL, June 22 (Korea Bizwire) — South Korea will invest 145 trillion won (US$112.38 billion) in nurturing the climate technology industry by 2030 and extend various supportive measures to achieve 100 trillion-won worth of exports in the sector, the industry ministry said Thursday.
They are part of a set of strategies the government announced earlier in the day with the goal of helping achieve the country’s target of reaching carbon neutrality by 2050 and to create a future economic growth engine.
The strategies were announced during a meeting of the Presidential Commission on Carbon Neutrality and Green Growth in Seoul and presided over by Prime Minister Han Duck-soo.
Under the plan, the government and domestic companies will make a combined investment of 145 trillion won by 2030 to conduct research and development projects for advanced technologies in climate and carbon-related sectors and foster 10 “unicorn” companies.
A unicorn company refers to an unlisted startup with a valuation of more than US$1 billion based on technology innovation.
By doing so, the country is expected to create 100,000 new jobs, according to the Ministry of Trade, Industry and Energy.
To help achieve the 100 trillion won milestone in exports, the government vowed to ease regulations and implement supportive measures for exporters, such as helping their branding and marketing strategies.
It also plans to nurture talent in the climate tech industry and reform industry taxonomy systems in an effort to strengthen the overall foundation for industry growth, the ministry said.
South Korea has pledged to reduce its greenhouse gas emissions by 40 percent from 2018 levels by 2030 and reach carbon neutrality by 2050.
“The government will also devise measures to strengthen preemptive responses to climate disasters and to better protect vulnerable groups by introducing AI-based forecast systems and providing health care services,” the ministry said in a release.
(Yonhap)
