SOUTH KOREA MOVES BIG MONEY INTO NEW ENERGY
South Korea gets it. The Bush administration doesn’t, but South Korea gets it. New Energy is a huge opportunity, worth investing in.
South Korea’s President Lee Myung-bak announced the country will invest 3 trillion won (US$2.7 billion) in a "green energy development strategy."
Because the nation must do its part in the fight against global climate change. And because the skyrocketing price of oil makes it obvious his country must reverse its dependence on imported energy. And because one of the most exportable commodities the nation can develop is New Energy manufacturing capacity. And because if South Korea’s economic growth is to be sustainable, it must be based on New Energy.
But most of all because investment in New Energy will pay off over and over. The development strategy is designed to take Korea from its 2007 New Energy market value of $1.8 billion to a 2030 market value of $17 billion.
And South Korea understands that financial investment is not enough. There must also be the right kind of policy to support the investment by shaping the market. The President and the Ministry of Knowledge Economy will institute a Renewable Electricity Standard (RES) requiring the nation’s power producers to obtain at least 3% of their electricity from New Energy sources by 2012 and 10% by 2020.
Because South Korea gets it: The future of the nation depends on its ability to make and use New Energy.
Sue Kateley, executive director, California Solar Energy Industries Association (CalSEIA), speaking at a conference to South Korean New Energy industry representatives: “You guys have really gotten ahead of us and I will do my best to catch up…I wish we [in California] had the kind of commitment you have… I am ashamed about that…"
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S. Korea To Invest U.S. $2.7 Bln On Clean Energy Development
September 11, 2008 (AsiaPulse/COMTEX via Trading Markets)
S. Korea to invest 3 tln won on clean energy development
September 11, 2008 (MCOT)
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Lee Myung-bak, President, South Korea; South Korean Ministry of Knowledge Economy; South Korean private companies (DC Chemical Co.; Doosan Heavy Industries and Construction Co.)
South Korea’s President announced the country will invest 3 trillion won (US$2.7 billion) in its "green energy development strategy."
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- Thru 2012: The newly announced plan will run 5 years.over the next five years
- By March 2009: More details will be announced.
- 2007: Korean New Energy products = 1.4% of world New Energy market
- 2012: Korean New Energy products = 5% of world New Energy market
- 2030: Korean New Energy products = 13% of world New Energy market
- The SK government intends to guide the investment into key technologies and production projects.
- Polysilicon manufacturing facilities: DC Chemical Co. will invest 2.2 trillion won by 2010, aiming to become a world leader in solar panel materials.
- Wind energy and integrated gasification combined cycle (IGCC) power: Doosan Heavy Industries and Construction Co. will allocate 670 billion in these generation technologies.
- The South Korean government’s New Energy developmet is intended to both fight global climate change by cutting greenhouse gas emissions and control energy costs by cutting dependence on imported oil.
- The government will emphasize iinvestment in solar and wind energies, light emitting diodes, and smart transmission technology to drive higher efficiency.
- Investment will also be directed to hydrogen fuel cells, gas-to-liquid and coal-to-liquid engineering, IGCC power plants, carbon capture and storage (CCS or “clean” coal) and energy storage technologies.
- The South Korean government’s total investment will be 1.7 trillion won, with 1.3 trillion expected to come from the private sector.
- South Korea produced 43.7 megawatts of solar energy-generated electricity in 2007. Its goal is to have 100,000 solar energy-equipped homes and 7% of the world solar panel market by 2012.
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Lee Myung-bak, President, South Korea: "We have been late entering the field, but if we concentrate our efforts, it's not too late to catch up with the leaders…"