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Posted by Monitor on June 17, 2009, 8:40 pm
JPMorgan Plans $1 Billion Green Funds in South Korea
June 17, 2009 (Bloomberg) -- JPMorgan Asset Management will set up
funds of more than $1 billion to invest in South Korea=92s alternative
energy industry, making it the first foreign company to participate in
the country=92s go-green initiative.
A letter of intent to create the so-called Korea Green Funds was
signed by Knowledge Economy Minister Lee Youn Ho and JPMorgan Chase &
Co. Vice Chairman William Daley in Washington, the South Korean
government said today. The New York-based fund management company
oversees $1.1 trillion of global assets.
Asia=92s fourth-largest economy is developing green technologies and
boosting energy efficiency to cut reliance on fossil fuels, reduce
greenhouse-gas emissions and diversify its exports. South Korea will
invest 4.2 trillion won ($3.4 billion) by 2013 to make products
including personal computers and television sets that use less power
and emit less carbon dioxide.
=93The decision of JPMorgan may spur more investment by other global
financial groups in the nation=92s green business, easing some concerns
over funding of renewable energy projects,=94 Choo Yeon Hwan, an analyst
at Daewoo Securities Co., said by telephone in Seoul.
LG Chem Ltd., the country=92s chemicals maker, has started building a
plant that will produce batteries for General Motors Corp.=92s electric
cars, while LG Display Co. plans to invest 50 billion won to develop
solar cells. Chicago Climate Exchange Inc., a unit of the U.K.=92s
Climate Exchange Plc, is seeking a role in a proposed emissions-
trading market in South Korea.
JPMorgan will either contribute as much as 40 percent of the funds=92
investment or seek overseas investors, while the remaining sum will be
raised in South Korea, the Ministry of Knowledge Economy and
Presidential Office said in statements.
Foreign Investment
=93Developments in clean energy may initially be costly,=94 Asian
Development Bank President Haruhiko Kuroda told reporters in Manila
today. The bank will double its budget for cutting carbon emissions in
the region to $2 billion by 2013, he said.
ADB=92s clean energy investments include wind power projects in China
and India, a biomass power plant in Thailand, and hydropower projects
in Bhutan, China and Vietnam.
JPMorgan is likely to invest in renewable energy, including solar and
wind power, carbon credit-trading, green cars and biofuels, the
presidential office said.
South Korea will attract more foreign investment in its green
industries after the JPMorgan deal, the Knowledge Economy ministry
said. The government is planning new =93growth engines=94 including
alternative energy to help diversify exports, which comprise mainly
semiconductors, mobile phones and automobiles.
Samsung Heavy Industries Co., the world=92s second-largest shipyard,
plans to make wind turbines in a market estimated at $74 billion by
2020 to counter a slump in vessel orders.
The government said last month it is enlarging cash incentives to
attract foreign funds into industries including alternative energy,
robot technology and health-care services.
South Korea=92s $929 billion economy grew 0.1 percent in the first
quarter compared with the previous three months, when it contracted
5.1 percent
http://www.bloomberg.com/apps/news?pid=3D20602099&sid=3DaGbsso37iFbQ
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