Eximbank teams up with US counterpart on decarbonization

Export-Import Bank of Korea (Eximbank) Chairman and President Yoon Hee-sung, right, poses with Export-Import Bank of the United States President and Chair Reta Jo Lewis after signing a memorandum of understanding (MOU) on joint decarbonization projects for Korean companies in the U.S., on the sidelines of the 2023 U.N. Climate Change Conference in Dubai, Thursday. Courtesy of Eximbank

The Export-Import Bank of Korea (Eximbank) has teamed up with the Export-Import Bank of the United States to support Korean companies to expand the presence of their electric vehicles (EVs), renewable energies and other decarbonization businesses in the U.S., the Korean lender announced on Friday.

 

The Seoul-headquartered Eximbank said Chairman and President Yoon Hee-sung signed a memorandum of understanding (MOU) on the joint decarbonization project, Thursday, with Reta Jo Lewis who heads the U.S. bank.

The signing ceremony took place in Dubai, the host city of the 2023 U.N. Climate Change Conference (COP28) from Nov. 30 to Dec. 12.

Both state-run banks from Korea and the U.S. are among the stakeholders of the U.N. meeting aimed at accelerating climate action.

“Under the MOU, the Korean companies in the U.S. can receive financial support when they build plants for EVs and secondary batteries and also carry out renewable energy businesses,” Eximbank said in a press release.

In a statement released by his bank, Yoon assessed that the MOU was meaningful “to materialize a platform for cooperation on their path toward carbon neutrality goals.”

He added, “Eximbank will keep capitalizing on its global network to pave the way for Korean enterprises to fund capital.”