Aug102008
Korea to Power Up Alternative Energies Research
Posted under News by Webmaster at 17:43 on Aug 10 2008
Korea plans to develop new and renewable energies such as solar energy, wind power, and fuel and hydrogen cells as next-generation growth engines and export items. New and renewable energies are inexhaustible eco-friendly energies that can replace fossil fuels like oil and coal. Advanced nations like the U.S., Japan and Germany have for several years been working to develop them.
The Ministry of Knowledge Economy said Monday that the government will increase its spending on research and development of new and renewable energies by 60 percent from last year to W199.4 billion (US$1=W1,006). The amount is almost double the total W101.5 billion that Korea spent on developing new and renewable energy technologies for 13 years from 1988 to 2000, and more than triple the W58.7 billion spent in 2004.
Moreover, combining the allocation of W47 billion for new and renewable energy projects in the supplementary budget submitted to the National Assembly, this year’s investment in the area will stand at some W250 billion, a more than 100 percent rise from last year’s W120.9 billion.
The ministry will make particular efforts to commercialize organic solar cells, develop floating offshore wind power systems, manufacture in Korea equipment for producing polysilicon for solar cells, and develop low-speed direct-drive wind generators. These efforts to developing core technologies, components, and equipment are aimed at securing advantageous positions in the future energies market.
In addition, the government will work on completing a roadmap for developing new and renewable energy technologies by the first half of next year. The roadmap will include a review of the global market environment, domestic and foreign technological levels, patent analyses, and feasibility studies.
Korea’s spending on new and renewable energies from 1988 to 2006 was no more than 4 percent of that of the U.S. and 7 percent of that of Japan. As of 2006, the proportion of new and renewable energies in Korea’s total power generation capacity stood at a mere 2 percent, falling in the bottom ranks among OCED nations.
Source: Chosun Ilbo
