South Korea in huge renewable energy investment

Promising renewable energy sectors stand to benefit from more government funding.

South Korea will invest some US$1 billion into research and development (R&D) to develop renewable energy sources such as solar power, offshore wind power, photovoltaic cells and fuel cells, among others.

The Ministry of Knowledge Economy said the investments will go to 19 energy projects divided into four divisions: the development of energy resources, renewable energy development, nuclear power generation and radioactive waste treatment.

Government support will be given to promising renewable energy sectors in a bid to help them expand into overseas markets. The ministry also intends to promote nuclear power exports by strengthening the safety of nuclear reactors against possible accidents such as earthquakes and tsunamis.

The ministry plans to cut energy costs by enhancing the efficiency of energy-inefficient home appliances and will help local companies develop new future technologies that cover energy storage, solar power and wind power.