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: European grid prepares for massive integration of renewables

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

European grid prepares for massive integration of renewables

5 hours ago

Today, the ancient city of Rome welcomed an important new initiative for the large-scale integration of grids and of renewables sources into Europe's energy mix, with nearly 40 leading organisations from research, industry, ...

Preparing for a zero-emission urban bus system

Oct 30, 2014

In order to create a competitive and sustainable transport system, the EU must look to alternative fuels to replace or complement petrol and diesel. Not only will this reduce transport emissions but it will ...

Exploring the value of 'Energy Star' homes

Oct 30, 2014

The numbers in neat columns tell—column by column, page by page—a story spread out across Carmen Carrión-Flores' desk at Binghamton University. It's a great story, she says; she just doesn't know how ...

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)?

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.