SEOUL, March 19 (Reuters) – South Korea has vowed to provide 420 trillion won ($313.4 billion) in policy loans to finance projects to help reduce carbon emissions, a joint statement by the government and major banks said on Tuesday.

By 2030, five state financial institutions including Korea Development Bank (KDB) will provide those loans to encourage companies to switch to low carbon production.

The plan to step up the fight against climate change was unveiled in a meeting between government officials and heads of South Korea’s five major banks, the statement said.