South Korea, the No.5 crude importer in the world and No.2 liquefied natural gas (LNG) buyer, will boost financial support for the new and renewable energy industry this year by nearly a quarter, the government said on Thursday.
The country has earmarked KRW1 trillion (US$891.2 million) in support, up from KRW808.4 billion last year, for new and renewable energy projects and financing, such as support for building solar and wind power energy facilities, the Ministry of Knowledge Economy said in a statement.
South Korean President Lee Myung-bak said on Monday Asias fourth-largest economy, heavily dependent on energy imports, would strengthen its new and renewable energy sectors, expecting the sectors to achieve exports of US$40 billion in 2015 compared with US$4.6 billion in 2009.
The investment includes KRW20 billion to set up four or five test beds for solar and wind power generation.
One of the world's fastest-growing carbon polluters, South Korea is seeking to shift from its dependence on fossil fuels by expanding investment in green resources.
In October last year, the South Korean government said it would spend KRW40 trillion by 2015 in a combined push by the public and private sectors to boost renewable energy resources.
source: APEC-VC Korea
