Seoul unveiled the K-GX plan, combining 200 trillion won in fiscal spending, more than 790 trillion won in climate finance and a separate 220 trillion won private investment.
South Korea's government on Wednesday unveiled a 1,000 trillion won energy transition and decarbonisation strategy through 2035, about $747 billion at the rate Reuters used. Finance Minister Lee Hyoung-il presented the Korea-Green Transformation plan, known as K-GX.
The package includes 200 trillion won in fiscal spending and more than 790 trillion won in climate finance, plus a separate 220 trillion won private-sector investment. President Lee Jae Myung said the country should stop chasing others and become an architect of the green market.
The government is targeting 100 gigawatts of renewable capacity by 2030 and support for green steel, batteries, solar, wind, hydrogen and small modular reactors. It wants electric and hydrogen vehicles to exceed 70 percent of new vehicle sales by 2035.
The plan focuses on steel, petrochemicals, refining, cement, and semiconductors and displays, and lists 10 green industries including electric vehicles, power semiconductors and carbon capture. Officials said climate-finance projects would be assessed for emissions cuts and that sector roadmaps would follow.
SK Group chairman Chey Tae-won, who heads the private consultative body, said the strategy shows the government will share investment risk with firms that have held back on long-term carbon projects. The figures are targets in a government presentation, not completed spending.
People Sentiments Positive
- Lee Jae Myung said South Korea should become an architect and leader of the green market.
- Lee Hyoung-il presented the 1,000 trillion won package to officials and business leaders.
- Chey Tae-won said the plan shares investment risk with private firms hesitant about carbon-neutrality spending.