Success partner for your global takeoff,
The Global Network of Korea Eximbank.

How to enlarge/reduce the letter size

Enlarge the screen : Please press and hold ctrl key and press + key additionally to enlarge it. Shrink the screen : Please press and hold ctrl key and press - key additionally to reduce it.

E-Mail this

Did you find useful information at KEXIM?
Recommend the information you see now to anyone you want to share with.
After entering the following details, you can share contents by clicking "SEND"

@
@
Supporting Korea's Economic Growth Supporting Korea's Economic Growth
EXIM

Press Release

Korea Eximbank officially launced carbon fund

Date 2010.01.05 View 34507
□ Korea Eximbank (www.koreaexim.go.kr, 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.