(Bloomberg) -- South Korean financial institutions have pledged to provide 420 trillion won ($313 billion) through the end of the decade for projects aimed at helping the country meet its climate goals.

The so-called green fund will be funded by five lenders, including Korea Development Bank, Export-Import Bank of Korea and Korea Credit Guarantee Fund, the Financial Services Commission and the Ministry of Environment said in a statement. 

The funding announcement comes as Seoul seeks to zero-out emissions by mid-century. The five institutions have promised to provide 60 trillion won annually until 2030, which is up 67% from the five-year average, the FSC and ministry said. 

South Korea’s banking industry will also set up a separate fund valued at 9 trillion that will be focused on developing and expanding clean energy, the commission and ministry said.

--With assistance from Shinhye Kang.

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