Positive Environment News

South Korea to Pump US$103 Bln Into Renewable Energy

Date: 28-Aug-08

The plan is part of the government's long-term energy strategy and will come on top of other energy policies and overseas resource development plans.

"(South Korea) will lower the portion of fossil energy to 61 percent by 2030 from the current 83 percent, while bumping up the portion of new renewable energy to 11 percent from 2.4 percent," the Ministry of Knowledge Economy said in a statement.

Under the plan, capacity for solar, wind, bio and geothermal power generation will be expanded.

The statement was issued after an energy committee meeting presided over by President Lee Myung-bak.

Of the planned 111.5 trillion won, the private sector is expected to account for 76.3 trillion won, it added, without elaborating further.

South Korea also plans to boost its energy self-sufficiency rate to 40 percent by 2030 from the current 4.2 percent.

South Korea is the world's 10th-largest energy consumer and the No. 5 crude oil importer.

Last month, data showed that its energy imports surged to account of one-third of total imports in the first half of this year because of soaring oil prices.

(US$1=1082.0 Won)

(Reporting by Kim Yeon-hee; Editing by William Hardy)

© Thomson Reuters 2008 All rights reserved

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