JP Morgan will be managing a $1 billion fund that finances green energy projects in Korea, according to various reports. The bank will gather 60% of the fund from investors in Korea and the rest from foreign investors.
JoongAng Daily: The fund will invest in various eco-friendly areas, such as light-emitting diodes, renewable energy and bio energy technologies.
According to the Korean government, JP Morgan will finance 30 to 40 per cent of the fund through overseas investors while the remaining 60 to 70 per cent will be from investors in Korea. The green fund is scheduled to launch later this year. “JP Morgan made the initial proposal of setting up the green fund in March after seeing Korea’s eco-friendly industry as promising,” said a Knowledge Economy Ministry official, who requested anonymity.
The Korean government has been aggressively pursuing green technology development that will secure sustainable growth while reducing Korea’s reliance on petroleum-based energy sources. “Korea’s green industry is providing abundant investment opportunities for foreign investors,” said Lee Youn-ho, Knowledge Economy minister.
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