SEOUL, Jan. 15 (Korea Bizwire) — South Korea’s science ministry said Monday it will invest 86.6 billion won (US$81.5 million) this year to develop climate-related technologies to curb carbon gas emissions.
The Ministry of Science and ICT said it designated two new sectors in 2018 to secure related technologies to better combat climate change. The 2018 budget increased by 9.6 percent from the 77 billion won earmarked for last year.
The ministry said this year’s budget will be focused on carrying out research and development activities more effectively to achieve the country’s goal and offer a specific technology management solution.
“This year is aimed at securing core technologies to deal with climate change,” said Jeong Byung-sun, a ministry official in charge of the projects.
Noticeably, the ministry said it will newly earmark 5.8 billion won to develop fuel cells and secondary batteries, considered key technologies in the renewable energy industry.
In addition, the government will spend 780 million won to export South Korea’s indigenous climate technology to developing economies around the world.
South Korea aims to reduce carbon emissions by 37 percent from business-as-usual (BAU) levels by 2030. At the COP21 Paris climate conference held in late 2015, 195 member countries agreed to step up efforts to reduce carbon emissions to help curb global warming.