SEOUL, Sept. 9 (Korea Bizwire) — South Korea’s industry ministry said Thursday it plans to spend 95 billion won (US$81.5 million) to develop new solutions to cut the emission of carbon at local factories, in line with the country’s vision to go carbon neutral by 2050.
The budget will be allocated to research projects for the so-called carbon dioxide capture, utilization and storage (CCUS) technology through 2025, according to the Ministry of Trade, Industry and Energy.
The technology is applied to capture carbon dioxide from factories and plants before it is released into the air, and it is later stored or used in other industries.
South Korea said it plans to first find ways to capture carbon dioxide from the cement and petrochemical industries, along with liquefied natural gas plants.
The projects also include developing solutions to store carbon dioxide indefinitely.
The ministry plans to select institutions that will carry out the research projects in October.
South Korea has been making efforts to cut the emission of carbon while promoting the use of sustainable resources, such as hydrogen, as carbon neutrality has emerged as a global agenda item for fighting climate change since the Paris climate accord went into effect in 2016.