Korea Environmental Industry & Technology Institute, 274.5 Billion KRW Supplementary Budget for Green New Deal and SME Support Projects

Additional 200 Billion KRW Corporate Loans Injected
Fostering Environmental Startups and Talent
Advancing Thermal Energy Technology Development
"Overcoming the COVID-19 Economic Crisis"

[Asia Economy Reporter Kim Bo-kyung] The Korea Environmental Industry & Technology Institute announced on the 14th that it will actively promote the Green New Deal projects and support for small and medium-sized enterprises (SMEs) by investing 274.5 billion KRW from the third supplementary budget.

The Environmental Industry & Technology Institute focused on the transition to a low-carbon society and overcoming the economic crisis caused by the novel coronavirus disease (COVID-19). The main project contents include ▲ expanding the foundation for green industry innovation growth ▲ supporting full-cycle growth from startup to commercialization ▲ strengthening support for SMEs and directly creating jobs.

The institute, which is currently operating a policy loan project worth 270.9 billion KRW this year, will additionally invest 200 billion KRW into the loan project through this supplementary budget. The increased loan funds will be provided to about 400 companies at a low interest rate of around 1%. The support limit per company has increased from 5 billion KRW to 8 billion KRW for facility funds, and from 1 billion KRW to 2 billion KRW for operating funds. Process improvements for greenhouse gas reduction in general companies have also been newly included as a support area.

To activate water-source energy, a representative Green New Deal project, the institute is promoting the "Development of Water-source Cooling and Heating and Regenerative Heat Hybrid System Technology," investing a total of 7 billion KRW by 2023, including 1 billion KRW from the supplementary budget. This technology development is expected to reduce building energy consumption by up to 50%, alleviate the heat island effect caused by the removal of cooling towers, and reduce fine dust.

Yoo Je-cheol, President of Korea Environmental Industry & Technology Institute

In the ICT-based smart city water resource management intelligence technology development project, which has been underway with a total budget of 23.5 billion KRW from last year to 2022, an additional 7 billion KRW from the supplementary budget has been secured. It is expected to accelerate the demonstration and field application of research outcomes.

The green convergence technology talent development project will also be newly launched. With an additional 8.8 billion KRW from this year's supplementary budget, 10 specialized graduate schools will be designated and operated, and by 2022, a total of 30.3 billion KRW will be invested to train 1,000 professionals.

Furthermore, through the eco-startup incubating project, about 80 prospective entrepreneurs or early-stage startups will be supported. A total of 6 billion KRW will be invested to provide tailored support at each growth stage, such as mentoring and early commercialization, strengthening the nurturing of prospective unicorn companies.

A new green innovation enterprise growth support project worth a total of 20.2 billion KRW will be established, selecting 20 promising SMEs and supporting up to 1 billion KRW per company from research and development to commercialization. Additionally, 500 million KRW will be invested to monitor eco-friendly products, creating 100 new jobs and contributing to strengthening the employment safety net.

Yoo Je-cheol, President of the Korea Environmental Industry & Technology Institute, stated, "We will actively strive to promptly execute the increased budget from the third supplementary budget to accelerate the green transition of our society and contribute to overcoming the economic crisis caused by COVID-19."

This content was produced with the assistance of AI translation services.