S.Korea unveils huge clean energy investment plan

Oct 13, 2010
South Korea has unveiled a five-year plan to spend 36 billion dollars developing renewable energy as its next economic growth engine.

South Korea Wednesday unveiled a five-year plan to spend 36 billion dollars developing renewable energy as its next economic growth engine.

The plan, approved at a meeting chaired by President Lee Myung-Bak, aims to transform into one of the world's five top players in renewable energy.

South Korea will spend about 40 trillion won -- seven trillion won in state money and 33 trillion won from private businesses -- on new renewable energy projects by 2015, the Ministry of Knowledge Economy said.

It hopes to export renewable energy worth 36.2 billion dollars in 2015.

The ministry predicts the global market for renewable energy will grow rapidly from 162 billion dollars last year to an estimated 400 billion dollars in 2015.

Asia's fourth largest economy, which imports almost all its oil, has tried to cut dependence on fossil fuels and diversify .

In addition to the 40 trillion won, the ministry said the government will spend nine trillion won to build an offshore wind farm in the Yellow Sea by 2019, generating 2.5 gigawatts per hour of .

Explore further: Engineering new vehicle powertrains

add to favorites email to friend print save as pdf

Related Stories

Hynix reports sixth straight quarterly loss

Apr 24, 2009

South Korea's Hynix Semiconductor, the world's second-largest computer memory chipmaker, Friday reported a sixth straight quarterly loss due to weak chip prices sparked by a global recession.

SKorea targets world electric car market

Oct 08, 2009

President Lee Myung-Bak Thursday offered full government support to help South Korean firms secure about 10 percent of the global electric car market by 2015.

Hyundai-Kia's 3.28 bln dlr 'green' project plans

Jul 22, 2009

South Korea's Hyundai Motor and its affiliate Kia Motors Wednesday announced plans to invest 4.1 trillion won (3.28 billion dollars) by end-2013 to develop fuel-efficient cars and cut carbon emissions.

SKorea's Hynix finally swings to profit

Oct 23, 2009

South Korea's Hynix Semiconductor, the world's second largest memory chip maker, Friday announced a profit for the third quarter after seven straight quarters of losses.

Recommended for you

Modi wields broom in new 'Clean India' push

2 hours ago

Prime Minister Narendra Modi wielded a broom in a New Delhi slum on Thursday as he pledged to sweep away India's reputation for poor public hygiene and rudimentary sanitation.

Engineering new vehicle powertrains

19 hours ago

Car engines – whether driven by gasoline, diesel, or electricity – waste an abundance of energy. Researchers are working on ways to stem this wastefulness. Ultramodern test facilities are helping them ...

First self-contained step dimming LED tube

Sep 30, 2014

Samsung Electronics today introduced the industry's first AC Direct step-dimming LED linear replacement for T8 and T12 fluorescent tubes at the National Electrical Contractors Association (NECA) Convention ...

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

dirk_bruere
not rated yet Oct 13, 2010
"2.5 gigawatts per hour"? What does that mean (apart from ignorance of units)?