“The South Korean government is planning to invest three billion won for three years to come in order to help small and venture firms develop and commercialize technology related to bioplastics.
These days, white biotechnology is emerging as a solution to plastic wastes and carbon emissions. The technology is to replace existing materials for use in the chemical industry with renewable resources, microbes and enzymes. Bioplastics, which are the core of the technology, are produced from renewable biomass sources such as vegetable fats and oils and corn starch.
In South Korea, major petrochemical and fermentation technology companies such as LG Chem and CJ CheilJedang are working on the technology. However, the progress has been slow due to the high price and the small domestic market. The government’s plan is to accelerate the R&D, commercialization and new material development by boosting the effect of the private-sector investment.”
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