Investment in Clean Energy

The Korean government will invest 760 billion won (US$684 million in clean energy research and development (R&D) this year.
The Korean government will invest 760 billion won (US$684 million in clean energy research and development (R&D) this year.

 

The Korean government will invest 760 billion won (US$684 million), including investment in government-run companies, in clean energy research and development (R&D) this year.

"We will steadily ramp up public R&D investment in the clean energy sector over the next five years," said Joo Hyung-hwan, minister of industry, trade and energy at the "Energy TechPlus Forum" held at Sheraton Palace Hotel in Seoul on April 11. “In 2021, we will double investment to 1.12 trillion won (US$1 billion) in 2021 from 560 billion won (US$504 million) in 2016."

In the clean energy sector, renewable energy, energy storage (ESS) and smart grid were selected to foster new energy industries.

In addition, the government will scale up the proportion of core technology investment including new-concept solar cells and fuel cell hybrid systems to 40% in 2018 from 30% this year.

"In preparation for the era of the fourth industrial revolution, we will secure key technologies for various new energy industries such as smart grid, energy storage systems, new and renewable power generation, zero-energy buildings, smart homes and electric cars,” minister Joo said. “We will make an intensive investment in the mid-to-long term."

 

 

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