South Korea Cracks Down on Illegal Financial Schemes and Boosts Subsidies for Hydrogen Buses
Key Ideas
  • South Korea's financial watchdog requests blocking access to 1,428 websites involved in illegal financial schemes, taking action against 60 cases deemed to involve concrete illegal acts.
  • The government of South Korea plans to increase subsidy for hydrogen fuel-cell buses from 3,600 won to 5,000 won per kilogram of fuel to promote eco-friendly public transportation.
  • The transportation ministry aims to substitute 25 percent of all metropolitan buses in Seoul with hydrogen-powered buses by 2030, despite challenges such as high fuel costs and limited infrastructure.
  • The increased subsidy for hydrogen fuel is expected to significantly reduce operation costs and make fuel expenses comparable to electric buses, supporting the country's environmental goals.
South Korea's Financial Supervisory Service (FSS) has requested to block access to 1,428 websites and online posts facilitating illegal financial investment schemes. The watchdog also called for police investigations into 60 cases involving concrete illegal acts. The most common investment scams were impersonations of officials from securities firms and fraudulent investment advisory services. Concurrently, the South Korean government announced an increase in subsidies for hydrogen fuel-cell buses from 3,600 won to 5,000 won per kilogram of fuel starting next month. This move aims to boost the use of eco-friendly public transportation in line with the 2030 Nationally Determined Contribution (NDC) goal. The transportation ministry plans to replace 25 percent of metropolitan buses in Seoul with hydrogen-powered buses by 2030. Despite challenges like high fuel costs and limited infrastructure, the increased subsidy is projected to lower operation costs by 22 percent and align yearly fuel expenses with electric buses. This initiative supports the country's environmental objectives and signifies a positive step towards sustainable transportation.
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