The South Korean government is committed to dealing with climate change and reducing carbon footprints by encouraging green technology innovations. Korean startups innovating in green technology can look forward to more support and encouragement in 2022.
South Korea’s Ministry of SMEs and Startups and the Ministry of Environment recently announced its fostering project ‘Green New Deal 100 Promising Companies’ for 2022. The ‘Green New Deal 100 Promising Companies’ program fosters promising small and medium-sized enterprises with green technology to pre-emptively respond to climate change and environmental crises.
The ‘Green New Deal 100 Promising Companies’ fostering project, which has been promoted since last year, is part of the Green New Deal policies, including the ‘Korean New Deal Comprehensive Plan (July 14, 2020)’ and ‘2050 Carbon Neutral Promotion Strategy (January 2, 2020)’. The Ministries plan to invest a total of 90.1 billion won in 2022 to support the ‘Green New Deal 100 Promising Companies’.
Government to support eco-friendly technologies
The Ministry of SMEs and Startups supports innovative SMEs in the green technology field, with the ability to accelerate the transition to low-carbon, eco-friendly energy. Following last year, the Ministry of Environment will support the five leading areas of the green industry and reorganize the carbon reduction field into a climate response field to intensively nurture companies with the capability to respond to future climate change. In particular, small and medium-sized venture companies with 23 technologies in the seven areas of the green industry, such as renewable energy and carbon reduction, will be given preferential treatment for selection and evaluation.
“In particular, we plan to focus on supporting small and medium-sized enterprises (SMEs) with carbon-neutral and greenhouse gas reduction technologies representing each sector, and environmental technologies linked to the 4th industrial revolution,” said a statement. Companies to be part of the project will be identified through the Small Business Technology Development Project Comprehensive Management System ( Green Venture ) and the Korea Environmental Industry & Technology Institute Research Management System ( Green Innovation Company ).
The Ministry of SMEs and Startups will receive an application from potential startups & enterprises from January 12 to February 3, 2022. The applications will be evaluated as technology development capabilities, ripple effects, policies and green technology policy conformity. The final selection for promising Green New Deal companies will be made in April 2022.
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