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 U.S. dollars).

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 by 2015.

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."