South Korea, Asia’s fourth-biggest polluter, plans to spend 280 billion won ($251 million) through 2019 on developing technologies to reduce greenhouse-gas emissions in the steel industry.
The spending plan, drafted by local steelmakers and research institutes, aims to cut emissions in the industry by 30 percent by 2020, the Ministry of Knowledge Economy said in an e-mailed statement today. The government will contribute 112 billion won of the proposed expenditure, the ministry said.
South Korea said in November 2009 that the country plans to voluntarily cut emissions by 30 percent from estimated 2020 levels, or 4 percent below its 2005 emissions. The steel industry accounted for about 12 percent of the nation’s total emissions in 2007, or 75 million metric tons, the biggest contributor among industries, the ministry said.
Companies are seeking technologies that can reduce the use of coal during steelmaking, the ministry said. Reduced coal consumption may also help steel producers cut costs, according to the statement.