Korea preps climate financing facilities.

South Korea is allocating W420 trillion ($314bn) to support green investments and climate financing in the country. The Financial Services Commission has partnered with commercial banks and financial institutions to accelerate the country's energy transition. The funds will be used for policy loans, a future energy fund, and a climate technology fund. The policy financial institutions will increase their annual green funds supply by 67% on average to finance the W420 trillion. The future energy fund will be drawn from contributions made by the banking sector and will support the development of green infrastructure and renewable energy projects. The climate technology fund will provide support to companies developing new climate technologies. The Ministry of Environment is also implementing measures to boost green investment, including upgrading green taxonomy and improving the emission trading scheme. [Extracted from the article]