Independent Energy
The Ministry of Strategy & Finance announced that the Green Climate Fund (GCF) approved of eight new projects on Nov. 6, including a power supply project that the Korean government proposed for the Amazon. The GCF is planning to provide US$168 million for eight projects.
The project for the Amazon is based on the energy-independent island model of Jeju Gapa Island and Gasa Island of South Jeolla Province. It is characterized by generating electricity by means of alternative energy such as solar power, and then storing the electricity in energy storage systems so that it can be used when needed.
The model is scheduled to be applied to the Marañón River and the Pastaza River in northern Peru. There, the lack of power grids has caused the locals to resort to logging and fossil fuels, which have resulted in an increasing amount of greenhouse gas emissions. The Korea International Cooperation Agency (KOICA) is slated to set up energy supply systems such as solar power generators and energy storage systems at an investment of US$1.8 million.
The GCF is an international organization that assists in developing countries’ efforts to deal with climate change. Its secretariat is located in Songdo, Incheon City.