According to Yonhap News,

SEOUL, April 13 (Yonhap) -- South Korea plans to double its policy financing support for green energy projects by 2030 in a bid to help achieve the goal of going carbon neutral by 2050, a senior government official said Tuesday.

First Vice Finance Minister Lee Eog-weon also said the country plans to review the establishment of a climate response fund this year and start to manage it next year.

"To transform carbon-intensive energy and industry structures into carbon neutral ones, it is necessary to provide firm financial support as the move will involve massive initial investment costs," Lee said in his opening remarks for a forum on climate financing.

To this end, the country plans to increase the portion of its policy financing in the green energy field to 13 percent by 2030, up from the current 6.5 percent, he noted.

Under the blueprint for carbon neutrality, the country plans to set up the tentatively named Climate Response Fund designed to fight climate change. It will also overhaul a carbon pricing system to help reduce carbon emissions.

The forum was held as part of the country's plan to host the P4G summit in May. P4G stands for Partnering for Green Growth and the Global Goals 2030, a public-private initiative to tackle climate change and other sustainable development challenges.

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Source: Yonhap News (Apr 13, 2021)