S.Korea unveils huge clean energy investment plan

South Korea is set to spend about 40 trillion won on new renewable energy projects by 2015
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 .


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(c) 2010 AFP

Citation: S.Korea unveils huge clean energy investment plan (2010, October 13) retrieved 21 September 2020 from https://phys.org/news/206163619-skorea-unveils-huge-energy-investment.html
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