South Korea Sets Up $2 Billion Sustainable Business Fund
The world's fastest growing polluter, South Korea, announced it will set up a US$1.25 billion fund to spur the development of sustainable business practices.
Over the past year the South Korean government has made commitments to cut emissions and shift the country to a low-carbon economy. Besides being a large greenhouse gas emitter, Korea is the fifth-largest importer of oil in the world. In addition to setting carbon emissions targets last year, the government vowed to invest two percent of South Korea's GDP into environment-related industries.
Money from the fund will be allocated to businesses which are actively involved in reducing their emissions as well as integrating more energy efficiency measures. Private sector investment is expected to push the fund to almost US$2 billion.
Read the full story at Reuters: South Korea to invest $1.3 billion in green fund
Image credit: Jrwooley6 via Flickr
Nathanael Baker is the Managing Editor of EnergyBoom. He has researched and reported on the issues of renewable energy, sustainability, and climate change for over two years. He has provided research to the New York Times and The Economist, as well as being published on different media outlets including, The Energy Collective.
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