South Korea targets $37 billion in renewable energy investment by 2020

• 8 years ago (2016-07-05)
• David Flin

Renewables 776

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The South Korean Government has said that it plans $37 billion in investment in renewable energy and related infrastructure by 2020 as part of efforts to meet its pledge at last year’s Paris climate summit to cut greenhouse gas emissions.

Of the total, $26 million will be spent by state utilities on solar and wind power generation, with a combined 13 GW of capacity installed by 2020, the country’s Energy Ministry said. The investment plan also calls for $16 in upgrades to power transmission and energy storage systems.

Chae Hee-bong, Deputy Minister of Energy and Resources Policies, said: “We are planning to foster the new and renewable energy sectors through easing regulations and support.” He said that the government expects the sectors to generate $20.7 billion in exports and create 120,000 jobs by 2020.

Following the Paris climate talks, South Korea set a target to reduce greenhouse gas emissions by 37 per cent by 2030 from current levels. South Korea said that it aims to generate 7 per cent of its power from renewable sources by 2020, up from its previous target of 6 per cent.

As part of the plan, the government will gradually allow private sector operators to supply electricity directly to consumers.