The South Korean government will invest 1,000 trillion won over the next 10 years through 2035 to fund its energy transition and decarbonization initiatives, according to a Thursday news release.

The Korean Green Transformation, or K-GX program, will comprise 200 trillion won in government spending and 790 trillion won in climate finance.

Industry leaders, including Hanwha Solutions (KRX:009830) unit Hanwha Q Cells, POSCO Holdings (KRX:005490), LG Electronics (KRX:066570), and Samsung Electronics (KRX:005930), presented projects tied to the initiative spanning clean energy, steel decarbonization, and residential green technologies.

K-GX is designed to decarbonize the country's top five high-emission sectors, such as steel, petrochemicals, cement, semiconductors and displays, and oil refining. As part of the rollout, the government will pursue a 300,000-ton hydrogen-based steelmaking project.

The program will also deploy 100 gigawatts of solar and wind energy by 2030 and expand high-capacity direct-current transmission. Seoul also aims for new energy vehicles to account for up to 70% of total usage by 2035, alongside the electrification of railways, buses, and private vehicles.

The government will also provide support to 10 green industries, such as electric cars, vehicles, batteries, solar power, wind power, small modular reactors, power equipment, power semiconductors, heat pumps, hydrogen, and carbon capture, utilization, and storage.

Additionally, Seoul will establish regional green transformation centers, directing more than half of the initiative's policy funds to local governments and more than 70% to small and medium-sized enterprises.

As chairman of the Korea Chamber of Commerce and Industry, SK Inc. (KRX:034730) Chairman Chey Tae-won leads the private-sector arm of the joint K-GX task force, according to Korea Herald.

"Regulation can bring companies up to the baseline, but the power to go beyond that comes from incentives," Chey was quoted by the Korea Herald as saying.