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Korea Exim News

Korea Eximbank officially launced carbon fund

Date 2010.01.05 View 34528
□ Korea Eximbank (, President Kim Dongsoo) announced on September 29 the official launch of the carbon fund. 13 public and private organizations* including Korea Eximbank signed an agreement for investment.

*Korean Energy Management Corporation (KEMCO), Korea Environmental Industry & Technology Institute (KEITI), Daewoo International, Daewoo Shipbuilding and Marine Engineering (DSME), Doosan Heavy Industries & Construction Corporation, Samsung Heavy Industries Corporation, Hanjin Heavy Industries Corporation, Hyundai Merchant Marine(s)Pte, Hyundai Samho Heavy Industries Corporation, Hyundai Heavy Industries Corporation, STX Panocean, STX Energy.

◎ The carbon fund was launched with KRW 100 billion in holdings but the fund is expected to exceed KRW 150 billion in October after investments from other companies** are received.

**Samsung C&T Corporation, Posco, LG International Corporation, Korea Electric Power Corporation and subsidiary companies (Kospo, Kosep, Ewp, Western Power, and Komipo), etc.

◎ Fund participants include the Ministry of Knowledge Economy, the Ministry of Environment, as well as other affiliated organizations and enterprises needing carbon credits or planning to participate in CDM***.

***The CDM (Clean Development Mechanism) project is based on the Kyoto Protocol and developed countries secure carbon emission rights from developing countries to reduce the emission of greenhouse gases.

- Unlike typical funds, this first carbon fund is invested in exclusively by strategic investors rather financial institutions. The Korea Investment Trust Management Corporation has been entrusted to operate the fund.

□ Korea Eximbank announced that Korea Water Resource Corporation is planning to enter into a pre-purchase agreement for the purchase of a 45,000 ton, KRW 8 billion carbon credit with Pakistan in its hydropower CDM project. The carbon credits will be purchased through the newly launched carbon fund.

◎ This is the first purchase of carbon credits in a project participated by a domestic corporation through the carbon fund.

◎ A Bank representative stated, “We will provide comprehensive support for CDM projects. We have committed US$100 million in financing for Korea Water Resource Corporation to participate in CDM projects. In addition, we will provide a free loan for feasibility studies and the pre-purchase of carbon credits through the carbon fund.

-Korea Eximbank hopes to stimulate participation by domestic companies in overseas CDM projects as the carbon fund will absorb the risk of CDM projects through the pre-purchase of carbon credits.