S. Korea to invest $1.9 bn for developing climate tech in 2025

Seoul: The South Korean government will invest 2.7 trillion won ($1.9 billion) in developing technologies aimed at tackling climate change next year, the science ministry said on Sunday.

The figure marks a 3.9 per cent increase from the 2.6 trillion-won investment into the scheme in 2024, according to the Ministry of Science and ICT, Yonhap news agency reported.

The investment is part of the government’s 10-year plan to advance science technologies by 2032 to respond to global warming.

South Korea has pledged to reduce its greenhouse gas emissions by 40 per cent from 2018 levels by 2030 and achieve carbon neutrality by 2050.

Next year’s budget will be used for developing core technologies for renewable energy, such as next-generation solar batteries and massive floating wind power systems, and advancing carbon neutrality technologies, including the next-generation nuclear power system and hydrogen power.

The government will also work to analyse the vulnerability of the forest and marine areas and the broader ecosystem to climate change and devise measures for the stable production of food.

Earlier, the country’s science ministry said it has completed devising a comprehensive road map for achieving carbon neutrality in various industries, Yonhap reported.

The presidential special committee on carbon neutrality technologies has drawn up strategies to achieve net zero carbon emissions in six fields, including wind power, energy storage, and environment, according to the Ministry of Science and ICT.

With the new guidelines for the six sectors, South Korea has completed devising a comprehensive plan to develop carbon reduction technologies across 17 areas, ranging from steelmaking and chemical industries to car manufacturing and nuclear power industries.

“Now that climate change is a reality, it is more important than ever that we strive to achieve carbon neutrality,” said Vice Minister for Science, Technology and Innovation Ryu Kwang-jun, adding the government will continue to support the development of carbon-neutral technologies.

–IANS