S. Korea to invest 36 bln U.S. dollars
in renewable energy
Oct 20, 2010 - Xinhua
South Korea will pour a total of 40 trillion won (36
billion U.S. dollars) into renewable energy development
by 2015 in a bid to enhance the local renewable energy
sector, the government said Wednesday.
According to the Ministry of Knowledge Economy, private
business will join the planned renewable energy development
by injecting up to 33 trillion won (30 billion U.S. dollars),
while the government is to invest 7 trillion won (6.3 billion
Under the plan, the government will focus on solar and
wind power, seeking to nurture them as the next-generation
memory chip and shipbuilding industry, respectively, expecting
they will take up around 15 percent of the global market
share, the ministry said.
As part of the plan, 1.5 trillion won (1.3 billion U.S.
dollars) will be invested in developing 10 fundamental
technologies, including next-generation solar cells and
offshore wind power.
A total of 3 trillion won (2.6 billion U.S. dollars) will
be spent on R&D, the ministry said, as it seeks to
construct technology infrastructure in the country.
According to the government, its goal is to stand among
the world's top-five players in the renewable energy sector
The project is also expected to expand the country's renewable
energy exports to 36.2 billion U.S. dollars and create
around 110, 000 jobs, said the government.
The plan, finalized at a meeting of the Presidential Committee
on Green Growth, was announced after the president's remarks
earlier in the day to nurture renewable energy sources
as the backbone of South Korea's future economy.
Since his inauguration in 2008, South Korean President
Lee Myung-bak has been highlighting the importance of renewable
energy under the slogan of "low-carbon, green growth."