Energy Tech: Korean Gov't to Invest 20 Trillion Won in Energy Tech Development for Next 10 Years | BusinessKorea

Friday, December 15, 2017

24 December 2014 - 5:01pm
Jack H. Park

The Korean government will invest 20 trillion won (US$18.1 billion) into the development of safe and effective clean energy technologies for the next 10 years.

The Ministry of Trade, Industry and Energy (MOTIE) announced on Dec. 23 that it determined the Third Energy Technology Development Plan at the seventh National Science and Technology Council.

In energy supply, the government places emphasis on the development of high efficiency clean thermal power, next generation clean fuels, and hybrid new renewable energy. In the demand, it concentrates on the realization of a highly-efficient energy and low carbon society.

The government also decided to make efforts to expand the use of information and communications technology across the full range of energy product technologies.

The MOTIE set its goal of achieving a 40 percent technology commercialization rate, and more than a 90 percent rise of technology level in major areas by investing 20 trillion won (US$18 billion) by 2023. 12 trillion won (US$10.9 billion) comes from the government and 8 trillion won (US$7.2 billion) from the private sector.

In particular, the government plans to secure technologies equal to those of advanced countries in 10 years in the areas of renewable hybrid, demand-responding Energy Storage Systems (ESS) and the Internet of Things (IoT).

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