Korea to invest $103 billion to develop alternative energy
SOUTH KOREA - Korea has announced that it plans to invest $103 billion in the exploration and development of alternative energy in order to reduce its reliance on fossil fuels as well as its carbon-dioxide emissions by 2030.
The plan is part of Korean government's long-term energy strategy in which the country will place alternative energy as its main priority. Korea plans to reduce fossil fuel usage from 83% to 61%, and increase the use of alternative energy from 2.4% to 11%. The plan includes solar power, wind power, bio power and geothermal power.
Private funds will account for about $70.5 billion of the total investment. Korea's Ministry of Knowledge Economy did not disclose further details. The government also plans to raise its energy self-reliance rate from 4.2% to 40%. According to statistics from September, because of the international oil-price hike, one-third of Korea's import volume is spent on energy products.
Related News
Advanced Reactors Will Stand On The Shoulders Of Giants
WASHINGTON - Advanced reactors will break the mold of what we think nuclear energy can accomplish: some will be smaller, some will use different kinds of fuel and others will do more than just make electricity. This new technology may seem like uncharted waters, but when operators, technicians and other workers start up the first reactors of the new generation, they will bring with them years of nuclear experience to run machines that have been optimized with lessons from the current fleet.
While advanced reactors are often portrayed as the future of nuclear energy, its our current plants that have paved…
