Lee Dong-geol, Chairman of San-eun, "14 Trillion Won Supplied to Green New Industries Over 5 Years"

Emphasized in Panel Discussion at the '2021 P4G Green Finance Special Session'

At the '2021 P4G Seoul Green Future Summit Green Finance Special Session' held on the 29th, Lee Dong-geol, President of the Korea Development Bank, appeared as a panelist (center in the photo).

[Asia Economy Reporter Kim Jin-ho] Lee Dong-geol, Chairman of the Korea Development Bank (KDB), announced, "We will supply more than 14 trillion won in total over the next five years to green new industries such as secondary batteries, semiconductors, and green energy."

According to KDB on the 31st, Chairman Lee presented the role of policy finance for green recovery at the '2021 P4G (Partnering for Green Growth and the Global Goals 2030) Seoul Green Future Summit Green Finance Special Session' held on the 29th, outlining this plan.

Chairman Lee introduced several of KDB's green finance support programs, including the ▲Korea New Deal Program for National Transformation and the ▲Industry-Finance Cooperation Program, which support the 'Korean New Deal Policy,' stating, "We plan to supply more than 14 trillion won in total over five years to green sectors such as secondary batteries, semiconductors, and green energy." He added, "As Korea's representative policy financial institution, we will continue to promote various green finance supports to overcome the COVID-19 crisis through revitalizing green industries."

Chairman Lee said, "Experiencing the COVID-19 pandemic made me realize the saying 'There is no second Earth,'" emphasizing, "Green finance, including funding for climate change response and environmental sectors, is more important than ever." He noted that large-scale patient capital is necessary for the structural transition to a low-carbon green economy, and that forming markets through attracting private capital is the true role of a policy financial institution.

Regarding Korea, where manufacturing accounts for a high proportion, he stated, "It is important to support the eco-friendly industrial transition of all carbon-intensive industries," and added, "The recently launched 'KDB Carbon Spread' product by KDB will become the standard model of Korean-style carbon finance."

Additionally, in a separate meeting with Yannick Glemarec, Executive Director of the Green Climate Fund (GCF), Chairman Lee proposed, "The international community's efforts to overcome COVID-19 will provide new opportunities for climate change response," and suggested, "Let us strengthen the partnership between our two institutions for the low-carbon transition of the global economy."

KDB, as the only GCF-accredited entity in Korea, has continuously developed climate change response projects for developing countries in cooperation with GCF. Currently, KDB has proposed two projects?the energy efficiency improvement project in Indonesia and the support project for overseas expansion of climate technology companies in four New Southern countries?and is developing these projects aiming for GCF Board approval early next year.

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