Gyeonggi Province Governor Kim Dong-yeon proposed investing more than 400 trillion won in the climate industry. He also emphasized the need to completely phase out coal power plants and establish a new Ministry of Climate Economy to build a strong climate economy control tower.
On the 26th, Governor Kim held a Climate Economy Vision Declaration Ceremony at the Yeoju Satellite Center, centered on the ‘Three Major Strategies for Climate Economy Transformation.’
Governor Kim first stated, "Let’s invest at least 400 trillion won in the climate industry," and proposed ▲raising 100 trillion won for a National Climate Fund through a public crowdfunding method ▲raising 100 trillion won through issuing climate bonds and capital contributions from public financial institutions ▲raising 100 trillion won for climate guarantees to respond to global carbon regulations ▲raising 100 trillion won for building renewable energy power grids through private investment.
In particular, he suggested securing the 100 trillion won for climate guarantees to respond to global carbon regulations by expanding the resources of the Korea Technology Finance Corporation and the Korea Credit Guarantee Fund.
Governor Kim also advocated for the complete phase-out of coal power plants.
Gyeonggi Province Governor Kim Dong-yeon is speaking at the 'Climate Economy Vision Declaration Ceremony' held at the Yeoju Satellite Center on the 26th. Photo by Gyeonggi Province
He emphasized, "If coal power plants are not phased out, achieving carbon neutrality by 2050 will be impossible," adding, "We must thoroughly prepare by gradually increasing renewable energy facility capacity to ensure stable power supply, while actively supporting the development of innovative technologies such as energy storage systems and hydrogen fuel cells, and accelerating the digital transformation of the power transmission system."
He also proposed establishing a strong climate economy control tower by creating a new Ministry of Climate Economy.
Additionally, Governor Kim stated that a ‘Climate Investment Corporation’ should be established to invest in sustainable growth, green finance should be revitalized, and RE100 companies and climate tech industries should be nurtured from a long-term perspective. He also introduced policies to address climate disparities by enacting the ‘Climate Welfare Act.’
Meanwhile, after announcing the three major strategies for climate economy transformation, Governor Kim held a roundtable discussion on climate economy and satellites with representatives from Hanwha Systems (a space industry technology company), Lumir (participated in Korea’s first lunar probe development), Rainbird Geo (a climate tech company founded by Ewha Womans University professors and students), officials from the Korea Aerospace Research Institute, and students from Korea Aerospace University.
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