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Press Release

Korea Eximbank Provides 1 trillion won Financing to GS Energy to Lay Foundation for Low-Carbon Energy Independence

Date 2022.09.20 View 1347

□ Korea Eximbank will be providing GS Energy with a total of 1 trillion won in financing for the implementation of carbon-neutral policies and laying the foundation for energy independence.

 

 

□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, “Korea Eximbank”) announced on September 20 that it had signed an MOU entitled, "Financial Support Agreement for Establishing Energy Security and Transition to Decarbonization" with GS Energy (CEO Huh Yong-soo).

 

 

□ Through the MOU, Korea Eximbank and GS Energy plan to expand the foundation for the low-carbon industry and strengthen the ESG capabilities of Korean companies. The agreement comes as Korea is facing a transition in its energy paradigm such as the government's carbon neutrality policy.

 

 

□ Based on the MOU, Korea Eximbank will be providing 1 trillion won in financing by 2025 for ▲ the exchange of information on low-carbon energy projects, ▲participation in  such projects both within the country and abroad, and ▲establishment of infrastructure for the introduction and supply of low-carbon energy in Korea.

 

○ Currently, GS Energy is pushing ahead with diverse projects, including producing blue ammonia, constructing an LNG combined-cycle power plant, and acquiring LNG from overseas.

 

 

□ Chairman Yoon said, "Through this MOU, we expect to greatly contribute to strengthening Korean companies' investment capability in low-carbon energy businesses and the country‘s competiveness in securing resources."

 

 

□ CEO Huh said, "It will greatly help us in reorganizing our business portfolio to focus on low-carbon energy and implementing our ESG management strategies."

 

 

□ Starting from the MOU with GS Energy, Korea Eximbank plans to find ways to further contribute to the government's implementation of carbon-neutral policies and the establishment of energy security.