Korea to invest US$36bil. in renewable energy sector by 2020

Korea to invest US$36bil. in renewable energy sector by 2020

2020년까지 에너지신산업에 총 42조원 투자
As part of the government’s drive to pursue cleaner energy sources,… officials have drawn up a multi-billion dollar investment plan in the renewable energy sector.
Kim Min-ji has the details.
The Korean government will invest 42 trillion won,… or over 36 billion U.S. dollars, into the renewable energy sector by 2020.
This is part of efforts to promote the widespread use of eco-friendly energy sources in the country,… as more than 70 percent of Korea’s power comes from non-renewable sources.
The plan calls for the construction of renewable energy power stations by 2020 that will be able to generate 13 million kilowatts of electricity every year — that’s the equivalent of 26 coal plants.
The government will also boost its scheduled renewable portfolio standard — which is a regulation that requires an increase in the production of energy from renewable energy sources.
The RPS will be raised from the current 4-point-5 percent… to 5 percent by 2018,… and from 6 percent to 7 percent by 2020.

It will also get rid of the excessive red tape around renewables — by allowing individuals to sell the electricity they produce using their own solar panels.
Companies will also be allowed to upgrade to one-thousand-kilowatt solar power generators, from the initial 50,… which is expected to cut utility costs.

The plan also calls for businesses in the renewable energy sector to participate in an energy exchange market — which is designed to encourage companies to step up their investments in the sector.
Until now,… only state-run corporations have been allowed to buy and distribute electricity in the country.

Through the plan,… the government expects to generate over 10 billion dollars in domestic consumption and create some 30-thousand new jobs by 2020.
Renewable energy exports are also expected to more than double to 10 billion dollars.
Kim Min-ji, Arirang News.

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