South Korea to ramp up clean tech investment in 2010

Hydrogen fuel cells, solar energy and wind power top list of low carbon priorities

South Korea is set to continue its quest to establish the country as one of Asia's leading clean tech hubs during 2010, with the government predicting that South Korean manufacturing companies will invest more than $3.4bn in the clean technology sector over the next 12 months, up from $2.7bn in 2009.

Earlier this month, a senior government official told news agency Reuters that the country's clean tech-focused economic stimulus spending had laid the groundwork for a significant increase in investment on clean technology research and development and manufacturing facilities for solar cells, wind turbines and fuel cells.

"The government will help private firms raise their investment in clean technology by preparing new policies to expand the industries, for instance requiring public buildings to consume renewable energy," he said, although he stopped short of suggesting further government funds would be made available to support the sector.

"The government would rather help more private funds to be spent in clean and renewable energy sectors as lots of private funds are already out there," he said.

South Korea was widely praised by green groups earlier this year for earmarking around 80 per cent of its economic stimulus spending for use in low carbon projects.

The country's parliament is also reviewing a government bill, called the Renewable Portfolio Standard (RPS), which would require energy firms to provide a certain percentage of renewable energy in their supplies.

The bill will back up an agreement between the government and nine public corporations designed to increase the use of alternative energy in the industrial sector.

Last year, the administration laid out a plan to increase the supply of alternative energy by up to five per cent in 2011 and nine per cent in 2030.

It has also set a high profile target to establish the country as one of the world's top developers of hydrogen-based energy and has pledged to have 500 hydrogen vehicles, 20 buses and 12 hydrogen fuel stations in operation in the country by 2012.

Source : BusinessGreen, 31/12/2009