South Korea's Ambitious Energy Investment Plans for Carbon Neutrality
Key Ideas
- South Korea to invest 129.3bn won in new energy R&D projects focusing on carbon neutrality and energy security.
- Funding includes projects on renewable energy, nuclear power, and hydrogen technologies to combat climate change.
- Additional investments to enhance energy efficiency, power systems, and secure technologies for addressing the climate crisis.
- Plans for substantial investments in green finance by 2030 with a focus on sustainability and environmental preservation.
South Korea has announced a significant investment of 129.3bn won this year in new research and development projects in the energy sector. The goal is to achieve carbon neutrality and ensure domestic energy security. Part of the funding, approximately W78.7bn, will be allocated to 41 projects in the first round, focusing on technologies related to 'carbon-free' energy such as renewable energy, nuclear power, and hydrogen. The country's energy ministry, Motie, will also invest in improving energy efficiency, power systems, and securing technologies like next-generation solar power and large-capacity water electrolysis facilities to combat the climate crisis. South Korea's science ministry unveiled plans to invest W2.75 trillion in technologies this year to respond to climate change. Additionally, South Korea aims to invest W450 trillion won in green finance by 2030, demonstrating a strong commitment to sustainability. Despite recent political changes, with the impeachment of President Yoon Suk Yeol, the country remains focused on its ambitious energy and climate goals.