About ￦70B earmarked for ‘green growth’

The government is providing 70 billion won ($62 million) this year to finance energy-saving projects, such as replacing conventional lighting in underground parking lots at apartment complexes with more energy-efficient LED lighting, as part of its push for green growth.

The funds, provided through the state-run Korea Finance Corp. in the form of “factoring financing,” will allow apartment complexes to switch to LED lighting for free, with the costs to be recouped via electricity savings.

The financial support will also go toward solar cells and other energy-saving projects, the Presidential Committee on Green Growth reported to President Lee Myung-bak during a regular meeting on the government’s “green growth” campaign.

Green growth has been one of Lee’s flagship policies and aims to lessen Korea’s dependence on fossil fuels and promote the development of alternative energy sources and other energy-efficient technologies.

Lee believes the strategy will provide the country with fresh growth engines for its economy. It also aims to help the country - one of the world’s biggest greenhouse gas emitters - reduce its carbon footprint to curb global warming.

The green growth committee also reported that the state-run Korea Technology Finance will increase the number of its staff handling such projects, while the Korea Finance Corp. will set up a team to exclusively handle financing.

The committee also reported that the government will continue to expand “green” aid projects for developing countries.

Yonhap