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.
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LONDON - The daily demand for electricity dipped at least 15 per cent across the globe, according to Global Energy Review 2020: The impacts of the COVID-19 crisis on global energy demand and CO2 emissions, a report published by the International Energy Agency (IEA) in April 2020.
The report collated data from 30 countries, including India and China, that showed partial and full lockdown measures adopted by them were responsible for this decrease.
Full lockdowns in countries — including France, Italy, India, Spain, the United Kingdom and the midwest region of the United States (US) — reduced this demand for electricity.
Reduction in…
