Good morning everyone!
The fourth Global Green Growth Forum 2012 was held on the 20th of September, with the theme of ‘Global Green Growth Changing the Economic Paradigm’. Choo Kyung-Ho, the Vice Chairman of the Financial Services Commission (FSC), gave a speech about ‘Plans for Financial Policy to Support Green Industrial Vitalization’. Let’s look into the details of his presentation!
To begin with, Vice President Choo emphasized the importance of green finance and green growth. Here, green finance is defined as follows: providing financial support to vitalize green industries, and pursuing the growth of financial industries through development of green financial products. Green finance can facilitate an influx of private capital into green industries, establish green finance infrastructure, and support guidance policy finance for green industries. Green growth can create jobs, virtuous cycles for the environment and the economy, and methods for resolving climate change issues and instability in energy supply and demand. Thus, the role of green finance became extremely important along with the growing demand for green growth.
The Korean government has been taking several measures to support green technology development and green industries. Financial policies on green investment and green growth have been strengthened along with the introduction of future plans for green finance. Currently, KRW 47.1 trillion is funded in green industries through financial policies.
Financial Services Commission recognizes the importance of green growth and green finance. FSC will continuously develop policies to provide financial support for green industries in cooperation with both financial institutions and private capital. Specific plans for future policies will be explained in the second article. See you soon!