The Government of Korea is providing $30 million for the Korea Green Resilient and Innovative Development (K-GRID) program, which will support IFC projects that contribute to reduction or avoidance of greenhouse gas emissions and facilitate the development and commercialization of technologies to improve climate mitigation. It will also support innovative digital solutions and digitalization in all sectors that can help to close the digital divide in developing economies. K-GRID represents a shared commitment to supporting sustainable development through innovative climate and digital technology solutions.
The $30 million program consists of a $10 million blended finance investment program and a $20 million advisory services program.
Priority Areas
K-GRID prioritizes projects across industries that have connection to digitization and/or climate-smart innovations or applications that improve climate mitigation and adaptation outcomes.
Focus sectors in climate include:
- Renewable energy (including power generation), transmission, storage/battery solutions, distribution, and access to energy;
- Transport, including ports, roads, rail, commuter systems, and airports;
- Water, wastewater, waste management and utilities;
- Extractives and related infrastructure.
Focus sectors in digitalization include:
- Information and Communications Technologies (ICT), including telecommunications, broadband, and digital services;
- Applied technology innovations that enhance development outcomes e.g. technology platforms/applications that facilitate ag-tech, health, skills, ESG or other innovation.