Seoul to accelerate commercialization of low-carbon tech through support for SMEs

By Park Sae-jin Posted : April 6, 2022, 12:57 Updated : April 6, 2022, 12:57

[Gettyimages Bank]

SEOUL -- To accelerate the commercialization of low-carbon emission technologies, Seoul will offer a support package including subsidies and technical support for small and medium-sized enterprises that research and develop eco-friendly technologies.
In 2021, the capital city launched a pilot project to nurture small and medium-sized enterprises (SMEs) specializing in material recycling to solve urban problems caused by discarded batteries including high-performance lithium batteries. The incubation project included a program for companies that recycle food waste into byproducts such as fertilizers.
Seoul said in a statement on April 6 that the city government will provide subsidies of up to 150 million won ($123,000) to each SME specialized in greenhouse gas reduction technology. The selected company will be given a controlled environment where it can test and demonstrate various technologies and prototype equipment.
"Through this project, companies with innovative technologies will be able to solve economic problems and be given an opportunity to upgrade and commercialize their technologies through demonstrations," Seoul said, adding the project will help the capital city become a carbon-neutral city by 2050.
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