The Korea Development Bank and the Fisheries Cooperative are working to establish a participatory financial model that returns profits from offshore wind power development to fishermen and local communities.
On July 22, the Korea Development Bank announced that it signed a memorandum of understanding with the Fisheries Cooperative and the Fisheries Bank in Seoul to provide financial support for domestic offshore wind power projects and promote community coexistence.
Under this agreement, the three institutions will develop financial support measures for domestic offshore wind projects and jointly design a profit-sharing structure that allows fishermen and local residents to participate in the projects and share in the profits.
The Korea Development Bank will review project structures that enable community and fishermen participation based on its experience in offshore wind project financing. The Fisheries Cooperative and the Fisheries Bank plan to support the expansion of participatory financial models by linking their nationwide rural network with financial services.
There have been calls to expand the participation of fishermen and local cooperatives in profit-sharing arrangements, which have traditionally been designed around local residents.
The three institutions aim to establish fishermen as key partners in offshore wind projects and to specify related financial support measures while jointly identifying promising projects for implementation.
In particular, the Fisheries Cooperative plans to create a virtuous cycle model that returns profits from offshore wind development to rural communities in line with the government's 'wind income' policy, with the goal of expanding this as a standard model applicable to the entire domestic offshore wind sector.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.