Ministry of Oceans and Fisheries Selects Local Governments for Carbon-Neutral 'Ocean New Deal Project'

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Oceans and Fisheries announced on the 12th that it will hold a public contest starting from the 13th to select local governments eligible for the community-based carbon-neutral Ocean New Deal project.

The Ocean New Deal project aims to promote carbon neutrality in coastal areas, which are at the forefront of climate change such as sea level rise. Coastal basic local governments establish project plans utilizing coastal and marine spaces to ▲reduce greenhouse gas emissions ▲transition to renewable energy ▲strengthen marine carbon absorption functions, and the government supports these plans. Up to KRW 7 billion will be provided over four years, covering 70% of the project costs from the national treasury.

In the first year of the project implementation in 2022, two pilot regions will be selected to establish representative models of the Ocean New Deal project. Eligible projects include carbon reduction initiatives using coastal and hinterland areas, and applications can be submitted after consultations between basic and metropolitan local governments to prepare the contest plan.

The Ministry of Oceans and Fisheries plans to select the final supported local governments through on-site and comprehensive evaluations in December by a project selection committee composed of related experts. The committee will evaluate based on the concreteness of the project plan, carbon reduction effects, and post-completion operation plans. Additionally, during the contest period, the Korea Marine Environment Management Corporation will form an Ocean New Deal Project Promotion Support Group and operate an expert advisory group to provide consulting and support for local governments in establishing their project plans.

Detailed information can be found on the websites of the Ministry of Oceans and Fisheries and the Korea Marine Environment Management Corporation.

Yoon Hyunsoo, Director of Marine Environment Policy at the Ministry of Oceans and Fisheries, stated, "The sea is a major carbon sink and a suitable place for renewable energy production with vast idle spaces. Through next year’s Ocean New Deal pilot projects, we will discover customized carbon-neutral representative models for coastal areas and expand them nationwide."

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