The government will provide 420 trillion won, or 313 billion U.S. dollars, in policy loans by 2030 to deal with global climate change and reduce carbon emissions. 

Financial Services Commissions(FSC) Chairman Kim Joo-hyun announced the plan on Tuesday in a meeting with the heads of major banks and related ministries in Seoul. 

Under the plan, five policy lenders including the Korea Development Bank(KDB) will provide a total of 420 trillion won in policy loans by 2030 to help finance investment in low-carbon facilities or products. 

The FSC said it expects the funds will help reduce greenhouse gas emissions by about 86 million tons by 2030. 

Separately, the KDB and five commercial banks will create a nine trillion won fund to help finance companies’ projects to build renewable energy generation facilities, such as those using solar and wind power.

The five commercial banks will create another nine trillion won fund along with the policy lender Industrial Bank of Korea for investment in climate-related technologies.

The nation must reduce greenhouse gas emissions by 40 percent between 2018 and 2050 in accordance with the Paris Agreement, an international treaty on climate change.