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South Korea Commits $36bn New Investment in Renewables

15 Oct

Solar and wind power have the potential to “become the backbone” of South Korea’s economy says President Lee Myung-bak.

President Lee announced plans to invest $36bn in renewable resources over the next five years, helping South Korea to position itself as a major global exporter of clean technology. It is expected that the government’s funding, which will also focus heavily on the water industry, will be matched four times over through private sector investment.

South Korea’s ambitious program falls in line with its pledge to reduce its carbon emissions by one third below forecasted levels for 2020. South Korea has also forged a green technology partnership with Malaysia; pledging cooperation in the electric vehicle, green building, biofuel and wastewater industries.  Read more…

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