South Korea pumps up renewable energy
The country has earmarked 1 trillion won US $891.2 million in support, up from 808.4 billion won last year, for new and renewable energy projects and financing, such as support for building solar and wind power energy facilities, the Ministry of Knowledge Economy said in a statement.
South Korean President Lee Myung-bak said Asia's fourth-largest economy, heavily dependent on energy imports, would strengthen its new and renewable energy sectors, expecting the sectors to achieve exports of $40 billion in 2015 compared with $4.6 billion in 2009.
The investment includes 20 billion won to set up four or five test beds for solar and wind power generation.
One of the world's fastest-growing carbon polluters, South Korea is seeking to shift from its dependence on fossil fuels by expanding investment in green resources.
In October last year, the South Korean government said it would spend 40 trillion won by 2015 in a combined push by the public and private sectors to boost renewable energy resources.
Related News
Toronto Prepares for a Surge in Electricity Demand as City Continues to Grow
TORONTO - Toronto faces a significant challenge in meeting the growing electricity needs of its expanding population and ambitious development plans. According to a new report from Ontario's Independent Electricity System Operator (IESO), Toronto's peak electricity demand is expected to nearly double by 2050. This highlights the need for proactive steps to secure adequate electricity supply amidst the city's ongoing economic and population growth.
Key Factors Driving Demand
Several factors are contributing to the projected increase in electricity demand:
Population Growth: Toronto is one of the fastest-growing cities in North America, and this trend is expected to continue.…
