Breaking News

Tweet TWEET

Hyundai Motor Joins Posco to Work With Suppliers to Reduce CO2 Emissions

Five South Korean companies including Hyundai Motor Co. (005380) and Posco (005490) agreed to support small suppliers in their carbon emissions-reduction ventures through project financing and technology transfer, the government said.

In return, the larger companies, which include Hynix Semiconductor Inc. (000660), Samsung Electro-Mechanics Co. and Honam Petrochemical Corp. (011170), will receive carbon credits, the Ministry of Knowledge Economy said in a statement today.

The cooperation may result in as much as 1 trillion won ($917 million) of investments in small suppliers and subcontractors over the next 10 years, according to the ministry.

South Korea said in 2009 it would voluntarily cut carbon emissions by 30 percent by the end of this decade. The government of Asia’s fourth-biggest polluter is also seeking to adopt carbon emission trading in 2015.

To contact the editor responsible for this story: Shinhye Kang at skang24@bloomberg.net.

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.