SEOUL - South Korea said on Wednesday it will spend 111.5 trillion won
(US$103 billion) through 2030 in developing new renewable energy, in
an effort to cut its reliance on fossil fuels and reduce carbon
dioxide (CO2) emissions.
The plan is part of the government's long-term energy strategy and
will come on top of other energy policies and overseas resource
development plans.
"(South Korea) will lower the portion of fossil energy to 61 percent
by 2030 from the current 83 percent, while bumping up the portion of
new renewable energy to 11 percent from 2.4 percent," the Ministry of
Knowledge Economy said in a statement.
Under the plan, capacity for solar, wind, bio and geothermal power
generation will be expanded.
The statement was issued after an energy committee meeting presided
over by President Lee Myung-bak.
Of the planned 111.5 trillion won, the private sector is expected to
account for 76.3 trillion won, it added, without elaborating further.
South Korea also plans to boost its energy self-sufficiency rate to 40
percent by 2030 from the current 4.2 percent.
South Korea is the world's 10th-largest energy consumer and the No. 5
crude oil importer.
Last month, data showed that its energy imports surged to account of
one-third of total imports in the first half of this year because of
soaring oil prices.
(US$1=1082.0 Won)
(Reporting by Kim Yeon-hee; Editing by William Hardy)
REUTERS NEWS SERVICE
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