Ministry of Environment's 13.47 Trillion Won Budget Plan for Next Year... Strengthening Flood Countermeasures

[Asia Economy Sejong=Reporter Dongwoo Lee] The Ministry of Environment announced on the 24th that it has finalized the budget and fund operation plan for next year at 13.4735 trillion won after approval by the National Assembly plenary session. Although it was adjusted down by 253.6 billion won compared to the government proposal, it increased by 248 billion won (1.9%) compared to the previous year.

The budget for urban flood response was increased by 59.8% to 154.1 billion won. Budgets were mainly increased to strengthen environmental basic rights, including the construction of Pohang Hangsa Dam (+2 billion won), establishment of an integrated water pollution control center (+11.9 billion won), expansion of sewage treatment plants and maintenance of sewage pipelines (+80.9 billion won), and expansion of waste treatment facilities (+17.8 billion won).

To prevent recurrence of flood damage caused by heavy rain in August, 8.5 billion won will be newly invested in the construction of the Seoul deep tunnel and floodwater drainage system.

The budget for the supply of zero-emission vehicles was increased by 6.5% to 2.5652 trillion won compared to this year, and 518.9 billion won (23.5% increase) was allocated for the construction of zero-emission vehicle charging infrastructure.

For the realization of carbon neutrality, 138.8 billion won was allocated as carbon-neutral facility support funds for companies subject to the emissions trading system, and 24.3 billion won was set for the interest subsidy project to activate green policy finance supporting companies in reducing greenhouse gases.

On the other hand, the early scrapping project for old diesel vehicles was reduced by 123.8 billion won to match appropriate demand. The small electric cargo vehicle supply project was cut by 170 billion won by lowering support prices to prevent moral hazard such as used car financial speculation.

Han Hwajin, Minister of Environment, said, "Through next year’s budget, we will do our best to ensure that our citizens can enjoy a safer environment, a more pleasant environment, and a sustainable environment for the future."