The world’s fastest growing polluter,South Korea, announced it will set up a US$1.25 billion fund to spur the development of sustainable business practices.
Over the past year the South Korean government has made commitments to cut emissions and shift the country to a low-carbon economy. Besides being a large greenhouse gas emitter, Korea is thefifth-largest importer of oil in the world. In addition to settingcarbon emissions targets last year, the government vowed to invest twopercent of South Korea’s GDP into environment-related industries.
Money from the fund will be allocated to businesses which areactively involved in reducing their emissions as well as integratingmore energy efficiency measures. Private sector investment is expectedto push the fund to almost US$2 billion.
Read the full story at Reuters: South Koreato invest $1.3 billion in green fund
Image credit: Jrwooley6 via Flickr
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