The Ministry of Trade, Industry and Energy is recruiting companies to participate in the ‘Eco-Industrial Development Recycling Facility and Commercialization’ initiative. The government will provide support with up to 70% funding rate within a 200 million won budget for each project. Projects with a high potential for reducing greenhouse gas emissions can receive up to 1 billion won.
The government is focusing on promoting the cyclical use of waste by-products left after the manufacturing process between companies. A total of 4.15 billion won will be allocated to projects that facilitate resource utilization between companies within industrial complexes, involving waste heat, waste gas, and waste liquid.
The Ministry announced on the 10th that it is recruiting businesses to participate in this project aimed at establishing core recycling facilities and promoting commercialization. Applications will be accepted until the end of next month.
This initiative aims to reduce the waste by-products generated at business sites, establish a foundation for greenhouse gas reduction, and promote a circular economy.
As industrial complexes have high concentrations of companies, they are well-suited for one company to use resources left over by another. The Ministry explains that using process by-products as recyclable resources rather than waste can enhance corporate competitiveness and reduce greenhouse gas emissions, achieving two goals simultaneously.
For respective projects, government funding will cover 70% of expenses up to 200 million won. The Ministry plans to support the establishment of key facilities that allow participating companies to secure greenhouse gas emission rights and contribute to reducing fine dust.
For tasks with high potential for securing results linked to the greenhouse gas reduction regulatory framework, support of up to 1 billion won will be available.
Since 2005, the Ministry has designated 105 eco-industrial parks. Through eco-industrial development projects, the Ministry supports the introduction of various recycling facilities by companies, enhancing the cyclical use of resources among them.
Companies located within eco-industrial parks or projects identified through preliminary feasibility studies will receive preferential points during selection evaluations. The Ministry plans to issue advance payments by July this year and require performance utilization reports over the next five years.