South Korea To Invest $1.2b Into Developing Carbon Capture, Storage Technology

The South Korean government is set to inject some 1.2 billion U.S. dollars by 2030, into developing technology for carbon capture and storage technology.

It said on Thursday that about one-third of the money will go into securing underground storage sites, which will hold up to 9-hundred million tons of CO2.

The rest will mostly be used for developing the technologies required for operating those sites, as well as increasing storage efficiency so that they can store over 1 billion tons of CO2 in total.

That’s equivalent to about 2 years of South Korea’s emissions.

This is part of the country’s efforts to carbon neutrality by 2050.