The government on Wednesday (Feb. 25) approved a "low carbon and green growth bill" at a Cabinet meeting held at Cheong Wa Dae.

The bill aims to provide a legal and institutional framework for the government to press ahead with  eco-friendly strategies in an efficient and systematic manner, the presidential office explained.

The plan includes detailed blueprints for green growth made by industries and organizations.

According to the bill, the presidential commission for green growth, which was launched on Feb. 16, will strongly encourage the development of eco-friendly industries and a green financial market, which involves, for example, carbon financing or related insurance products.

The Cabinet meeting also approved plans to deal with climate change, manage energy resources, and prepare for the emerging carbon finance market.

The government also plans to increase private investment into green industries by raising green funds, according to the Cabinet meeting.

The meeting further approved proposals on local taxes, establishment of public schools, reshuffling the public prosecutor''s office, and an expansion of accident insurance coverage related to agricultural products.