Korea announces USD31 bln green energy surge

South Korea aims to spend KW35.5 trillion (USD31.3 billion) in gaining a ten percent slice in the world’s green energy industry by 2020. It also aims to develop its own renewable and nuclear energy and reduce carbon emissions.

An emailed statement from the Ministry of Knowledge Economy said it was part of a 10-year framework for research and development in energy. The ministry said it would include developing small and medium-sized businesses and would also include private sector money.

“The roadmap reflects the nation’s need for comprehensive, systemic strategies to secure a competitive edge in the energy industry in the wake of a ‘global green race,’” it said in a statement, reported Bloomberg.

The ministry's plan includes direct funding for R&D programs in solar, wind power and smart grids. It also plans to directly help companies develop technology commercialization and export markets. The ministry said it would also increase subsidies for SMEs to 50 percent of its energy R&D budget by 2020.