| Sourced From Strategyeye.com |
South Korea is committing to purchase USD20m worth of post-2012 carbon credits from the Asian Development Banks (ADB) Future Carbon Fund.
The fund was set up in July last year to ensure the continuation of investment in renewable energy projects in developing countries when the first commitment period of the Kyoto Protocol expires at the end of December 2012. South Korea is the first Asian country to join the Future Carbon Fund.
The country plans to spend USD3.4bn on energy efficiency and alternative energy by 2013. Following the commitment earlier this year, South Korean firms including Samsung Electronics and Hyundai have announced large investments in clean technologies. Hyundai will invest around USD3.3bn by 2013 to develop greener vehicles and reduce factory-derived carbon dioxide emissions, while Samsung will spend USD4.3m over the next four years to develop greener products and reduce its emissions.
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