South Korea Cracks Down on Illegal Financial Schemes and Boosts Subsidies for Hydrogen Buses
Key Ideas
  • South Korea's Financial Supervisory Service has requested the blocking of 1,428 websites and posts related to illegal financial schemes, focusing on investment scams impersonating securities officials and fraudulent advisory services.
  • The government of South Korea is increasing subsidies for hydrogen fuel-cell buses from 3,600 won to 5,000 won per kilogram of fuel to promote eco-friendly public transportation as part of its 2030 NDC goal.
  • The slow adoption of hydrogen buses in South Korea is attributed to high fuel costs and a lack of infrastructure, but the subsidy increase is expected to decrease operation costs by 22% and align fuel costs with electric buses.
  • The transport ministry aims to replace 25% of all metropolitan buses in the greater Seoul area with hydrogen-powered buses by 2030, in line with their environmental objectives.
South Korea's Financial Supervisory Service (FSS) has taken action against illegal financial schemes by requesting the blockage of 1,428 websites and online posts known to support such activities. These schemes involved impersonating officials from securities firms, fraudulent investment advisory services, and illegal investment trading schemes. Concurrently, the South Korean government is enhancing its support for eco-friendly public transportation by increasing the subsidy for hydrogen fuel-cell buses. The subsidy will rise from 3,600 won to 5,000 won per kilogram of fuel, aiming to promote the use of hydrogen buses in line with the country's 2030 Nationally Determined Contribution (NDC) goal. Despite the slow adoption of hydrogen buses due to high fuel costs and a lack of infrastructure, the subsidy increase is projected to reduce operation costs by 22% and bring fuel expenses to levels comparable to electric buses. The transport ministry's plan includes replacing 25% of all metropolitan buses in Seoul with hydrogen-powered buses by 2030, aligning with their long-term environmental targets.
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