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S. Korea to Spend $36 Billion on Clean Energy by 2015 (Update1)
2010-10-13 01:26:56.319 GMT
(Updates with targeted market share in fourth paragraph.)
By Shinhye Kang
Oct. 13 (Bloomberg) -- South Korea, Asia's fourth-biggest
polluter, said the government and private sector aim to invest
40 trillion won ($36 billion) by 2015 in renewable energy to
gain from growing demand and cut reliance on fossil fuels.
The government will spend 7 trillion won and private
companies may invest 33 trillion won during the next five years,
the Ministry of Knowledge Economy, which overseas South Korea's
energy policies, said in an e-mailed statement today.
The spending plan includes the 22.4 trillion won that the
presidential office said in July the nation's 30 largest
industrial groups will invest in alternative energy by 2013.
The global renewable energy market may more than double to $400
billion by 2015 and grow to $1 trillion by 2020, similar to the
automobile industry, according to South Korea's energy ministry.
Asia's fourth-largest economy, which heavily depends on
computer chips and shipbuilding, aims to secure a 15 percent
share of the global solar and wind power market to provide new
sources of growth, the knowledge ministry said. The investment
will create 110,000 jobs and $36.2 billion in exports, it said
in the statement.
The government, which invested 2 trillion won in the past
three years, will spend 3 trillion won in developing solar and
wind power technologies by 2015. It will also spend 9 trillion
won by 2019 building an offshore wind farm with capacity of 2.5
gigawatts, the ministry said.
China, Japan and India have larger economies and emissions
of greenhouse gases blamed for global warming than South Korea.
For Related News and Information:
Top environment news page: GREEN <GO>
Most-read climate-change stories: MNI CLIMATE <GO>
South Korea's energy statistics: ENST <GO>
Top energy stories: ETOP <GO>
--Editors: John Viljoen, Clyde Russell.
To contact the reporter on this story:
Shinhye Kang in Seoul at +82-2-3702-1638 or
skang24@bloomberg.net.
To contact the editor responsible for this story:
Amit Prakash at +65-6212-1167 or
aprakash1@bloomberg.net.
