South Korea pumps up renewable energy

South Korea renewable energy support expands funding, financing, and incentives for solar and wind power, clean energy projects, green growth, and public-private investment, aiming to cut fossil fuel imports and scale exports through test beds.

South Korea, the world's No.5 crude importer and No.2 liquefied natural gas LNG buyer, will boost financial support for the new and renewable energy industry this year by nearly a quarter, the government said.

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, including the world's top solar plant now planned in Korea, 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, including a planned floating solar plant in the Yellow Sea, 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, complementing a new green energy complex now under development.

One of the world's fastest-growing carbon polluters, South Korea is seeking to shift from its dependence on fossil fuels amid a broader re-examination of renewables across the region 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, aligning with a broader US$103 billion alternative energy drive already outlined nationwide.

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