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Biz News Korea(Eng)
Korea to invest $102 bn to more than quadruple renewable energy capacity by 2030
- Collected
- 2017.12.20
- Distributed
- 2017.12.22
- Source
- Go Direct
The Ministry of Trade, Industry and Energy announced on Wednesday that its goal is to establish renewable source capacity of 63.8 Giga watts, which is equivalent to 35 nuclear reactors, by 2030. Currently renewables can generate 15.1GW.
Under its plan, the share of clean energy from sources like solar and wind power will be responsible for 20 percent of the country’s energy supply by 2030, compared with current 7 percent.
About 63 percent of the new facilities will be in solar power and 34 percent in wind. Wind farms will be constructed in coastal regions due to the environmental concerns.
For the necessary 48.7GW capacity ramp-up, 28.8GW worth will be led by state enterprises, 2.4GW by self-generators, 7.5GW through small commercial projects and 10GW through promotion of solar panels in rural areas.
The government will subsidize 18 trillion won for commercial and retail solar panels. State enterprises will spend 51 trillion won to beef up capacity and about 41 trillion won worth projects will go to the private sector.
The spending is as a part of the government’s long-term energy plan to wean the country off fossil and nuclear fuel and shift to clean and safe energy.
The reduction in cheap nuclear fuel will push up electricity bills by 1.3 percent on average from current levels in 2022 and by 10.9 percent in 2030.
By Ko Jae-man and Choi Mira
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]