Seoul: South Korea plans to create a fund worth 150 trillion won (US$116.9m) to provide assistance for steel makers’ transition to a low-emission production structure and to boost competitiveness, the industry ministry said yesterday.
According to the South Korean Ministry of Trade, Industry and Energy, they decided to set up an alliance for cooperation and policy coordination in the first quarter of this year and to launch the fund for decarbonization projects, which will be used when their current 150bn-won fund for the industry’s environmental, social and corporate governance runs out.
The government vowed to earmark 26.9bn won between 2023 and 2025 for research and development of key technologies to achieve zero-emission goals, as the country seeks to replace 11 coal-fueled blast furnaces with 14 hydrogen-powered ones.
