South Korea: Renewable Energy Budget

The Korean government announced a plan to increase its renewable energy budget in 2006 as part of an effort to adapt to high oil prices and to encourage the use of environmentally-friendly energy sources. The Ministry of Commerce, Industry and Energy, now the Ministry of Knowledge Economy, said that it plans to spend a total of 409.5 billion won on various renewable energy initiatives in 2006, a 26.3% increase from 324.2 billion won in 2005. 124.4 billion won would be set aside this year on developing new technologies such as fuel and photovoltaic cells and offshore wind turbines. In addition, 137.5 billion won will be earmarked for programs designed to make these technologies more available to the public. The programs include building solar-powered homes and a “Power Park” –a hands-on educational center where visitors can learn more about renewable energy sources. 

Date Implemented: 2006

Status: In Force

References: http://www.mke.go.kr/language/eng/main.jsp