Next Year, 55.1 Billion KRW Support for 12 Carbon Neutral Technology Development Projects

Lee Kyung-soo, Director General of the Ministry of Science and ICT, Holds Meeting with Related Companies on the Morning of the 29th
Reveals Next Year's Budget Details... "Public-Private Cooperation Essential to Achieve Carbon Neutrality"

[Asia Economy Reporter Kim Bong-su] The government will support 55.1 billion KRW for 12 projects next year to promote technology development among companies related to carbon neutrality.

On the morning of the 29th, Lee Kyung-soo, Director of the Science and Technology Innovation Headquarters at the Ministry of Science and ICT, announced this during a meeting with companies involved in carbon neutrality.

The meeting was organized to identify the technology development needs of the industry and discuss government support measures following the recent government announcement to raise the national greenhouse gas reduction target (NDC) to 40% by 2030 in order to achieve the 2050 carbon neutrality goal. CTOs from leading companies in various fields participating in the carbon neutrality private R&D council attended.

By sector, 24.4 billion KRW will be allocated to five projects in the industrial process innovation sector, including steel, cement, and petrochemicals, while 21.2 billion KRW will be allocated to four projects in the carbon capture, utilization, and storage (CCUS) sector. Additionally, 9.5 billion KRW will be included for three projects in the renewable energy sector, covering solar power and hydrogen.

Participants at the meeting presented various opinions on directions for carbon neutrality investment and technology acquisition methods, policy and regulatory improvements to activate corporate participation, and ways to promote collaboration between the government and the private sector. Discussions continued on technology demands by sector, including the development of new processes to reduce CO2, solutions for the production and supply of affordable hydrogen, infrastructure construction for testing technologies in the renewable energy field, collaborative R&D projects among multiple companies, and expansion of CO2 capture-related R&D to other fields (from coal-fired power generation to LNG power generation).

Director Lee stated, “The government is actively supporting carbon neutrality R&D to realize carbon neutrality by 2050,” adding, “Carbon neutrality cannot be achieved by government efforts alone; it is important to develop and introduce low-carbon technologies led by the private sector and to have close cooperation between the public and private sectors.” He also said, “Based on various opinions, we will reflect them in strategic investments in carbon neutrality R&D and the establishment of the 'Carbon Neutrality Technology Innovation Strategic Roadmap.'”