South Korea’s renewable energy industry posted solid growth in 2010 as the country moved to reduce greenhouse gas emissions and its reliance on fossil fuels, a government report showed Monday.
The report by the Ministry of Knowledge Economy showed the industry’s sales jumping 58 percent on-year to 8.12 trillion won (US$7.23 billion) last year, with exports soaring 77 percent to $4.58 billion.
Reflecting overall growth potential, private sector investment into such areas as solar power generation, wind farming, thermal heat and fuel cells topped 3.55 trillion won for a gain of 22 percent from 2009, it said.
“The growth in the renewable energy field follows a shift in the national paradigm that has begun to move toward more eco-friendly sustainable growth,” the ministry said. “Such a shift can better permit businesses to meet both domestic and overseas demand.”
Solar power generation witnessed the sharpest growth in the renewable energy sector, with sales and exports expanding 13.4 fold and 21.4 fold from 2007 to 2010.
Reflecting such moves, the number of companies in the renewable energy industry as a whole, jumped 2.2-fold in the last three years, with total employee numbers gaining 3.6-fold to 13,380 workers.
The report, meanwhile, predicted both sales and outbound shipments of locally made green energy generation products to go up 78 percent and 84 percent each this year vis-a-vis 2010. Sales may top 14.50 trillion won by year’s end, with exports expected to grow to $8.42 billion, it said.
