As global awareness of the climate crisis increases, the demand for sustainable technologies and solutions has surged, leading to a rise in venture capital investment in innovative climate tech startups. However, private-sector funding often prioritizes short-term profitability, which leaves high-impact yet high-risk technologies underfunded. This study highlights the need for clear policy directions and public-private collaboration to support the sustainable growth of the climate tech industry.
Despite the Korean government’s launch of the “Climate Tech Industry Growth Strategy” in 2023, which includes plans to invest KRW 145 trillion by 2030 and support the creation of 10 unicorn companies, its implementation has faced criticism for a lack of execution. In response, Seoul City has initiated its own efforts, such as establishing a climate tech team and launching various programs to support startups and green technology innovation. However, these policies require further enhancement to effectively address local challenges and leverage Seoul’s unique strengths.
Globally, countries like the United States and China lead in climate tech, accounting for 48 out of 58 unicorn companies. In contrast, Korea lacks such firms, facing technological, financial, and regulatory hurdles. This study identifies promising climate tech sectors for Seoul, such as cleantech, and proposes a strategic roadmap to prioritize impactful technologies through a structured evaluation process.
The proposed “Seoul Climate Tech Growth Strategy” recommends establishing a Climate Tech Support Center, fostering startup ecosystems, and reforming regulations. The plan includes initiatives like creating a climate tech fund, enhancing technology demonstration projects, and expanding youth training programs. These efforts aim to position Seoul as a leading sustainable city, effectively addressing climate challenges while stimulating economic growth and raising public awareness.