Suhyup to Create ‘Wind Income’ for Fishing Villages through Cooperation with KDB

Chairman Roh Dong-jin of the National Federation of Fisheries. (Photos: Suhyup)

On July 22, the National Federation of Fisheries Cooperatives (Suhyup) signed an agreement to create wind income with Suhyup Bank and the Korea Development Bank (KDB) to provide financial support for offshore wind power projects and promote mutual growth with fishing communities.

Under the deal, Suhyup, representing fishermen nationwide, and Suhyup Bank, a financial institution specializing in marine and fisheries, will team up with KDB, which has led domestic offshore wind project financing, in order to make good use of KDB’s policy finance experience.

Woo Dong-keun, head of the Educational Support Department at Suhyup; Lee Jun-seok, head of the Corporate Group at Suhyup Bank; and Shin Seung-woo, head of the Capital Market Division at KDB, each signed the agreement in a ceremony at the KDB headquarters on July 22.

The agreement was signed in response to persistent calls for a win-win model that shares achievements with fishermen and local Suhyup branches, as profit sharing of offshore wind power development has been designed to exclusively benefit locals.

Woo Dong-keun, head of the Educational Support Department at the Suhyup, poses for a photo with other officials after signing an agreement to create wind income with Suhyup Bank and KDB on July 22.

Accordingly, the three organizations agreed to designate fishermen as key partners in domestic offshore wind power projects and to jointly design a fishermen-oriented profit-sharing structure, where stakeholders participate while devising financial support measures.

They decided to further refine a fishermen-participatory offshore wind financial cooperation model and identify and develop promising projects to which the model can be applied in the future.

In particular, Suhyup plans to develop exemplary cases where offshore wind power and fishing villages grow together in conjunction with the Korean government's key initiative, “wind income” and to expand these into standard models applicable to the entire offshore wind power sector of Korea.

Fuel Subsidies for Fishermen Suffering from High Fuel Prices

Fuel subsidies worth 10 billion won will be provided to fishermen who purchased tax-exempt fuel for fishing at high prices due to the aftermath of the Middle East war.

On June 18, Suhyup held its first annual extraordinary general meeting and approved a supplementary budget proposal to give tax-exempt fuel subsidies for fishing.

The beneficiaries are fishermen who received tax-exempt fuels for fishing including diesel, gasoline, heavy fuel oil, and LPG from April to September of 2026.

As it was estimated that about 40,000 people purchased tax-exempt fuel during the same period last year, a similar number of people are expected to benefit this year.

First of all, cash support of approximately 4 billion won will be provided with 100,000 won per fisherman.

In addition, a subsidy of approximately 2,600 won per drum (200L) will be provided monthly based on the actual usage of tax-exempt fuel for fishing, totaling 6 billion won.

Activation of Emergency Response System for Summer

With the forecast that this summer’s temperatures will be higher than average, Suhyup has decided to establish preemptive support measures to prevent damage from natural disasters and to activate its own response organization.

Suhyup Chairman Noh Dong-jin presided over the special meeting to cope with natural disasters and discussed response measures at Suhyup headquarters on June 16.

“When it comes to disasters, enough preemptive preparation is the best approach,” Chairman Noh said. “Please establish a preemptive firm state of preparedness under the value of protecting the lives and property of fishermen.”

According to the Korea Meteorological Administration, the average temperature from June to August this year is expected to be higher than the average for the period from 1991 to 2020, raising concerns about potential fisheries disasters caused by high water temperatures.

In response, Suhyup verified its disaster response system and disaster support measures.