31 green start-ups picked to receive government grants

A wind farm in Yangsan, South Gyeonsgang. [YONHAP]

The Ministry of SMEs and Startups and the Ministry of Environment on Wednesday announced that 31 green start-up companies will receive up to 3 billion won ($2.7 billion) each by 2023.

This is the second batch of start-ups targeted for the grants after 41 companies were picked last year.

The SMEs and Startups Ministry picked 15, while the Environment Ministry picked 16 companies.

The companies include those specializing in renewable energy, transportation, new materials, smart malls and carbon emission reduction technology.

“The Green New Deal is an important national project that the government is driving the transitioning toward a green economy in the post-Covid-19 era while fighting climate change,” said Kwon Chil-seung, SMEs and Startups Minister. The government “will support promising Green New Deal companies.”

Environment Minister Han Jeoung-ae stressed creating an innovative environment so that green industries will be able expand as the country endeavors to achieve carbon neutrality.

The Korean government last year announced a goal of carbon neutrality by 2050.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]