Monday, 3 January 2011

South Korea president says to nurture solar, wind, nuclear power

S.Korea president says to nurture solar, wind, nuclear power - Reuters

SEOUL Jan 3 (Reuters) - South Korea, heavily dependent on energy imports, will strengthen its new and renewable energy sectors, President Lee Myung-bak said on Monday.

Asia's fourth-largest economy expects its new and renewable energy sectors to achieve exports of $40 billion in 2015, compared with $4.6 billion in 2009, with the government to set up four or five test beds for solar and wind power generation in 2011 with an investment of 20 billion won ($17.7 million).

"In the future, the solar power industry will be nurtured as the semiconductor industry was, and the wind power industry as shipbuilding was," Lee said in a New Year speech.

"By taking the opportunity to export to the United Arab Emirates, the government will actively nurture nuclear power as an export industry to cope with the era of climate change," he said, referring to an up to $40 billion nuclear deal awarded to a South Korean consortium in late 2009.

One of the world's fastest-growing carbon polluters, South Korea is seeking to shift from its dependence on fossil fuels, expanding investment in green resources.

In October last year, the government said it would spend 40 trillion won by 2015 in a combined push by the public and private sectors to boost renewable energy resources. (Reporting by Cho Mee-young; Editing by Chris Lewis)

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