South Korea will invest 3.4 trillion won ($3.4 billion) over the next five years to address climate change, according to a government announcement reported by state broadcaster KBS. The funds will target renewable energy expansion, flood prevention infrastructure, and carbon capture technology development.
The Ministry of Environment stated the investment aligns with Korea’s revised 2030 Nationally Determined Contribution (NDC) targets submitted to the UN last year. Analysts note this represents a 60% funding increase compared to the previous five-year climate budget.
“This package demonstrates our commitment to both mitigation and adaptation,” an unnamed ministry official told KBS, citing recent extreme weather events that caused $1.2 billion in damages during 2023 alone.
Critics argue the plan lacks specifics on private sector participation. The Korea Economic Research Institute contends that without tax incentives, businesses may hesitate to match government spending.