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Bailey McCann, Opalesque New York:

Korea has established the Future Energy Fund, which will invest in venture capital for the expansion of renewable energy facilities, including offshore wind power.

Alongside the new fund, the FSC plans to invest a total amount of KRW9 trillion in the climate technology sector through its various funds like Innovation Growth Fund and Growth Ladder Fund. Among those funds stands the Climate Technology Fund, which Industrial Bank of Korea and five major commercial banks are to commit a total of KRW1.05 trillion into its master fund by 2023, and invest KRW3 trillion in climate technology companies through private capital matching. The master fund is managed by Korea Growth Finance.

The Climate Technology Fund plans to establish the master fund during the first half of the year, select the managers for the feeder funds, and complete the formation of these funds by early next year to commence investment.

Chairman Kim also emphasized that the Climate Technology Fund will be mandated to put a certain ratio of its investments into SMEs and venture companies possessing climate technology to ensure that funds are appropriately allocated. He also urged the Climate Technology Fund to actively seek out investment opportunities and serve as patient capital to support the growth of the climate technology sector, which faces significant uncertainties and challenges in achieving short-term results.......................

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